Corporate shareholder value creation as contributor to economic growth

IF 2.3 Q2 BUSINESS, FINANCE

Studies in Economics and Finance Pub Date : 2023-06-15 DOI:10.1108/sef-06-2021-0255

J. Hall

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引用次数: 2

Abstract

Purpose The purpose of this paper is to determine if there is a link between corporate shareholder value creation and economic growth. The first objective of this paper is to determine which specific shareholder value measurement best explains shareholder value creation for a particular industry. The next objective of the study is to establish, for each of nine different categories of firms examined, a set of value drivers that are unique and significant in expressing shareholder value for that particular category of firms. Lastly, the relationship between shareholder value creation and economic growth is tested. Design/methodology/approach To quantify and measure value creation, the paper investigates the various value creation measurements that are being applied. The next step is to ascertain whether various industries have different value creation measures that best explain value creation for the respective industries. Then, the value drivers of these specific value creation measures can be determined and their relationship with economic growth tested. Findings The results of this study indicate that each industry does have a specific shareholder value creation measurement that best explains shareholder value creation for that industry; for example, for five of the nine categories (industries) that were analyzed, market value added was found to be the best shareholder value creation measurement, but for capital-intensive firms and manufacturing firms, the Qratio is the best measure, while for the food and beverage industry, the market to book ratio was found to be a better measure of shareholder value creation than other measures tested. It was further found that an increase in corporate shareholder value creation is to the detriment of economic growth. Originality/value The contribution of the present study is its determination of a unique shareholder value creation measurement for particular industries. In addition, a specific set of variables per industry that create shareholder value is identified. Lastly, the important link between shareholder value creation and economic growth is exposed.

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企业股东价值创造对经济增长的贡献

目的本文的目的是确定企业股东价值创造与经济增长之间是否存在联系。本文的第一个目的是确定哪种特定的股东价值衡量方法最能解释特定行业的股东价值创造。该研究的下一个目标是，为所研究的九类不同公司中的每一类，建立一组独特且重要的价值驱动因素，以表达该类公司的股东价值。最后，检验了股东价值创造与经济增长之间的关系。设计/方法论/方法为了量化和衡量价值创造，本文研究了正在应用的各种价值创造测量方法。下一步是确定各个行业是否有不同的价值创造措施，最能解释各个行业的价值创造。然后，可以确定这些具体价值创造措施的价值驱动因素，并测试它们与经济增长的关系。研究结果表明，每个行业都有一个特定的股东价值创造衡量标准，最能解释该行业股东价值创造的原因；例如，对于所分析的九个类别（行业）中的五个，市场增加值被发现是股东价值创造的最佳衡量标准，但对于资本密集型企业和制造业企业，Qratio是最佳衡量标准；而对于食品和饮料行业，与其他测试指标相比，市净率是衡量股东价值创造的更好指标。研究进一步发现，公司股东价值创造的增加不利于经济增长。独创性/价值本研究的贡献在于确定了特定行业的独特股东价值创造衡量标准。此外，还确定了每个行业创造股东价值的一组特定变量。最后，揭示了股东价值创造与经济增长之间的重要联系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Studies in Economics and Finance BUSINESS, FINANCE-

CiteScore

4.30

自引率

10.50%

发文量

期刊介绍： Topics addressed in the journal include: ■corporate finance, ■financial markets, ■money and banking, ■international finance and economics, ■investments, ■risk management, ■theory of the firm, ■competition policy, ■corporate governance.