GATR Journal of Accounting and Finance Review (GATR-AFR) Vol. 7 (4) January - March 2023最新文献

{"title":"Green Accounting and Firm Value","authors":"Nico Alexander","doi":"10.35609/afr.2023.7.4(2)","DOIUrl":"https://doi.org/10.35609/afr.2023.7.4(2)","url":null,"abstract":"Objective - The environment is one of the more interesting issues to discuss, especially if it relates to companies' accounting issues. This study was conducted to determine the effect of green accounting implementation on firm value.\u0000Methodology/Technique – Firm value is measured using Tobins-Q, and green accounting is measured by ratings based on PROPER. Multiple regression analysis was used, and 35 manufacturing companies were sampled in this study.\u0000Findings - The results of this study show that green accounting can increase firm value. Companies that apply green accounting have a higher firm value because information about environmental costs is additional information for stakeholders when making decisions. If the company does not incur environmental costs, it is considered bad for investment.\u0000Novelty - Green accounting is still new, so this study was conducted to provide an overview of green accounting and firm value. Companies implementing green accounting will increase their firm value and help preserve the environment. It is hoped that Indonesian accounting organizations will develop standards regarding green accounting.\u0000Type of Paper: Empirical.\u0000JEL Classification: F64, L50, M14, Q52, Q56\u0000Keywords: Green Accounting; Firm Value; Green Investment; PROPER; Indonesia\u0000Reference to this paper should be referred to as follows: Alexander, N. (2023). Green Accounting and Firm Value, Acc. Fin. Review, 7(4), 12 – 18. https://doi.org/10.35609/afr.2023.7.4(2)","PeriodicalId":218292,"journal":{"name":"GATR Journal of Accounting and Finance Review (GATR-AFR) Vol. 7 (4) January - March 2023","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131588294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Different Market Segmentations of Dividend Policies: A Dynamic Panel Data Analysis","authors":"Nor Anis Shafai, N. Yusuf, Noor Sharida Badri Shah, Norhisam Bulot","doi":"10.35609/afr.2023.7.4(1.1)","DOIUrl":"https://doi.org/10.35609/afr.2023.7.4(1.1)","url":null,"abstract":"Objective - Despite much previous research on the issue, dividend policy remains an unsolved conundrum in corporate finance. By considering this, the goal of this research is to use the Generalized Method of Moments to examine dividend behaviour by identifying the key determinants of dividend policy in three different countries with different market microstructures: Singapore (developed market), Malaysia (developing market), and Saudi Arabia (emerging market).\u0000Methodology/Technique –. The study uses data from each country's top 100 listed firms from 2007 until 2016. The results suggest that different determinants influence firms’ dividend policies for the three countries. \u0000Findings - For Singapore as a developed market, profitability, and size are shown to be significantly and positively related to the dividend payout ratio, whereas leverage, business risk, and growth opportunities exert a significant negative effect. Meanwhile, for Malaysia (a developing market), only firm size is a significant and positive determinant. However, leverage and business risk are negatively and significantly associated with the dividend payout ratio. Conversely, for Saudi Arabia as an emerging market, firm size and leverage positively and negatively influence the dividend payout ratio.\u0000Novelty - Therefore, this study employed the generalized method of moments (GMM) to uncover novel discoveries. The findings should motivate analysts, policymakers, institutional investors, and investors to investigate the dividend policy conundrum, mainly for three different market segmentations.\u0000Type of Paper: Empirical\u0000JEL Classification: G32, M14.\u0000Keywords: Dividend behaviour, market microstructure, and Generalized Method of Moments.\u0000Reference to this paper should be referred to as follows: Shafai, N.A; Yusuf, N.H.M; Shah, N.S.B; Bulot, N. (2023). Different Market Segmentations of Dividend Policies: A Dynamic Panel Data Analysis, Acc. Fin. Review, 7(4), 01 – 11. https://doi.org/10.35609/afr.2023.7.4(1)","PeriodicalId":218292,"journal":{"name":"GATR Journal of Accounting and Finance Review (GATR-AFR) Vol. 7 (4) January - March 2023","volume":"254 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132766483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does ESG Affect The Firm Value?","authors":"A. Palupi","doi":"10.35609/afr.2023.7.4(3)","DOIUrl":"https://doi.org/10.35609/afr.2023.7.4(3)","url":null,"abstract":"Objective - As the concept of sustainability develops in the industrial world, stakeholders are compelled to consider ESG performance when measuring company value. A company needs to increase its value and demonstrate its sustainability capabilities by publishing sustainability reports on ESG factors. This research aims to inquire whether ESG affects the firm's value.\u0000Methodology/Technique – The causality research is analyzed with Eviews using ASEAN panel data from 2019-2021 to measure the effect of ESG on firm value with a total of 738 firm years of data. \u0000Findings - Environmental performance is associated with high ecological costs in developing nations and is a burdensome additional expense that will deteriorate the company's financial condition. Disclosure of nonfinancial information jeopardizes the creation of company value, resulting from meeting the demands of stakeholders imposed on the company, thereby causing other agency conflicts. The relatively low level of investor confidence in the signal contributes to ESG performance that lowers the company's market value. Most investors respond negatively to these signals, assuming that the activities disclosed in ESG reporting are too costly and detrimental to their interests. They could be more enthralling in investing, decreasing market demand, and reducing the company's value.\u0000Novelty - This study explains the determinants of firm value from ESG scores and separate ESG scores in the ASEAN market.\u0000Type of Paper: Empirical.\u0000JEL Classification: F64, L50, Q25, G02, G39, M14\u0000Keywords: ESG, Firm value, Environment score, Social score, Governance score, Sustainability\u0000Reference to this paper should be referred to as follows: Palupi, A. (2023). Does ESG Affect The Firm Value?, Acc. Fin. Review, 7(4), 19 – 26. https://doi.org/10.35609/afr.2023.7.4(3)","PeriodicalId":218292,"journal":{"name":"GATR Journal of Accounting and Finance Review (GATR-AFR) Vol. 7 (4) January - March 2023","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124548350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}