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001-es BibID:BIBFORM117649
Első szerző:Bagh, Tanveer
Cím:Sustainable growth rate, corporate value of US firms within capital and labor market distortions: The moderating effect of institutional quality / Tanveer Bagh, Mirza Muhammad Naseer, Muhammad Asif Khan, Paula Pypłacz, Judit Oláh
Dátum:2023
ISSN:2083-1277 2353-1827
Megjegyzések:Research background: Understanding how distortions in capital and labor markets affect corporate value and sustainable growth is crucial in today's economy. These distortions can disrupt resource allocation and economic sustainability. Additionally, the role of institutional quality in shaping these dynamics requires thorough exploration. Purpose of the article: We quantify the effect of capital and labor market distortions on corporate value and sustainable growth rate (SGR) and how this association is moderated by institutional quality. Methods: Stemming from the sample criteria, we calibrated a final sample of 1971 United States-listed manufacturing firms for 2012-2022. This research offers insights into market inefficiencies and institutional effects. Progressing towards objectives, we use advanced techniques like feasible generalized least squares and generalized methods of moments. These methods help us rigorously analyze complex relationships among study variables. Findings & value added: Three key findings emerge: first, capital and labor market distortions have a negative and significant influence on corporate value and sustainable growth. Our primary finding implies that increasing distortions significantly reduce sustainable growth's value and potential. Second, we find institutional quality has a positive significant effect on corporate value and sustainable growth. Third, institutional quality positively moderates the association between capital and labor market distortions, corporate value, and sustainable growth. Findings suggest that institutional quality, as a potential mechanism, improves the efficiency of resource allocation and optimizes the sustainable economic system to lessen the negative effect of factor market distortions on corporate value and SGR. Besides, we conduct robustness checks to validate our findings. Finally, we offer policymakers and stakeholders actionable insights.
Tárgyszavak:Társadalomtudományok Gazdálkodás- és szervezéstudományok idegen nyelvű folyóiratközlemény külföldi lapban
folyóiratcikk
factor market distortion
capital and labor market distortions
corporate value
institutional quality
corporate sustainable growth rate
micro-level analysis
Megjelenés:Oeconomia Copernicana. - 14 : 4 (2023), p. 1211-1255. -
További szerzők:Naseer, Mirza Muhammad Khan, Muhammad Asif (1976-) (közgazdász) Pypłacz, Paula Oláh Judit (1973-) (agrárközgazdász, logisztika)
Internet cím:DOI
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001-es BibID:BIBFORM093763
035-os BibID:(cikkazonosító)190 (WoS)000654128600001 (Scopus)85122175891
Első szerző:Naseer, Mirza Muhammad
Cím:Firm, Industry and Macroeconomics Dynamics of Stock Returns: A Case of Pakistan Non-Financial Sector / Mirza Muhammad Naseer, Muhammad Asif Khan, József Popp, Judit Oláh
Dátum:2021
ISSN:1911-8074
Megjegyzések:The available research literature on stock performance has primarily stressed the importance of asset price theories, macroeconomic and microeconomic, and institutional differences. However, there is still an open question: Are there any other factors those influence stock performance? This research aims to answer this question by providing new insights into industry factors along with country-level and firm-specific factors in conjunction with the stock performance of the non-financial sector firms listed at the Pakistan Stock Exchange. The study provides new insights into the prevailing research literature by considering an emerging economy, Pakistan. We find that non-financial sector firms are heterogeneous, suggesting applying a fixed effect approach for reliable estimation. To investigate the issue, data from 80 companies spanning 17 years (2004-2020) were analyzed with a fixed-effect model. Our study results revealed that firm tangibility, munificence, gross domestic product, inflation and money supply have negative, while size, growth, dynamism, Herfindahl-Hirschman index, exchange rate and oil prices have a positive relationship with financial performance. The results are robust under alternative estimation approaches and offer useful policy implications.
Tárgyszavak:Társadalomtudományok Gazdálkodás- és szervezéstudományok idegen nyelvű folyóiratközlemény külföldi lapban
folyóiratcikk
stock returns
growth
industry
macroeconomics dynamics
non-financial sector
Megjelenés:Journal of Risk and Financial Management. - 14 : 5 (2021), p. 1-18. -
További szerzők:Khan, Muhammad Asif (1976-) (közgazdász) Popp József (1955-) (közgazdász) Oláh Judit (1973-) (agrárközgazdász, logisztika)
Internet cím:Szerző által megadott URL
DOI
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