This paper investigates whether the external audit quality has an impact on the link between ESG performance and firm valuation using a sample of publicly listed Nordic firms. The results from a fixed-effect panel regression show that higher ESG scor...
Environmental, social, and governance (ESG) integration is an increasingly popular and innovative investing strategy that requires companies to be transparent about their ESG practices to facilitate investors’ decisions. In the palm oil sector,...
Corporate social responsibility (CSR) is a topic which has recently been attracting an increasing amount of attention with respect to corporate operations, and shareholder proposals on CSR are also one of the main types of proposals at firms’ annual...
This study examines the impact of Artificial Intelligence (AI)-enhanced Environmental, Social, and Governance (ESG) reporting on firm valuation in emerging markets. It aims to explore how AI integration enhances the interpretability and predictive ac...
This study examines whether corporate climate performance is reflected in firm valuation by synthesising recent empirical evidence, using Tobin’s Q as a forward-looking indicator of market expectations. Employing a random-effects meta-analysis...
Forming optimal peer groups is a crucial step in multiplier valuation. Among others, the traditional regression methodology requires the definition of the optimal set of peer selection criteria and the optimal size of the peer group a priori. Since t...
The global economic crisis in 1997 significantly impacted all corporate firms. Measuring valuation is becoming increasingly important in corporate firm analysis. Transparency in disclosures enables a company to meet market expectations while also adh...
This study aims to investigate the complex link between carbon emissions, firm value, and financial choice in regard to the GCC, a dynamic emerging economy. It also seeks to answer the question on whether the financial structure of a firm moderates t...
The paper’s prime objective is to understand the impact of Shareholder activism on firm performance. This study is conducted in a unique setup where traditional activist investors such as pension funds and hedge funds are not present. However,...
This study aims to examine whether family firms differ from nonfamily firms in their propensity to save cash, particularly in response to new investment opportunities, and to assess how investors value the cash holdings of family versus nonfamily fir...
The concept of valuing personal and enterprise goodwill is a study in the art of quantifying subjective values. Sellers strive to maximize goodwill, while buyers strive to minimize goodwill. No persons are denying the existence of goodwill; rather, t...
This study investigates the valuation dynamics of 30 publicly listed fintech firms across six Asian economies from January 2021 to December 2025. It examines how intrinsic firm-level scale (market capitalization) and extrinsic macroeconomic condition...
This study investigates the interdependencies between debt capital and dividend policy as complementary factors influencing firm value among corporations listed on the Korea Composite Stock Price Index (KOSPI). Using Tobin’s Q as a firm value m...
This study examines the deferred tax valuation allowance disclosures of a sample of venture-capital-backed IPO firms that incurred a net operating loss (NOL) in the period prior to their public offering (IPO). I find that 82 percent of these firms re...
This study examines the tension between “substance” and “form” in standardized sustainability reporting within an emerging market context. Using 21,964 firm-year observations from Chinese A-share listed companies (2018–2...
The firm’s valuation (FV) is the key element for all stakeholders, particularly the investors, for their investment decisions. The main impetus of this research is to estimate the effects of the debt ratio (DR, i.e., leverage) on the FV (i.e.,...
This study tests whether labeled green and sustainability-linked financing complements firms’ R&D to lower the weighted average cost of capital (WACC), raise valuation, and shift innovation toward climate mitigation technologies. Using a 20...
This research aims to examine whether corporate Twitter messages and tone have an effect on corporate stock return (RET) for the Saudi Stock Exchange “Tadawul”. The study also investigates whether the association differs across large- and...
This study examines the impact of firms’ environmental, social and governance (ESG) initiatives on financial performance. It also compares the valuation effects of corporate social performance initiatives in developed and emerging market firms....
This study investigates the relationship between overconfidence and meme stock valuation, drawing on panel data from 28 meme stocks listed from 2019 to 2024. The analysis incorporates key financial indicators, including Tobin’s Q ratio, market...
This study investigates that how investment banks select alternative valuation models to price Initial Public Offerings (IPOs) and examine the value-relevance of each valuation model using the data of 88 IPOs listed on the Pakistan Stock Exchange (PS...
While international cross-listing locations in host countries have been identified as integral to firm valuation gains, the influence of the home country information environment on firm financial market integration remains underexplored. This study e...
This study investigates the valuation impact of a firm’s decision to cross list on a more (or less) prestigious stock exchange relative to its own domestic market. We use a network analysis methodology to derive broad market-based measures of presti...
We analyze whether a firm’s corporate social responsibility (CSR) plays a significant role in promoting its market value in an emerging market, namely Korea. We employ environmental, social, and corporate governance (ESG) scores to evaluate CSR...
The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been...
In this paper, we examine the performance of an impact investing strategy using the most ethical companies to build an impact investing portfolio. We test the time-series and cross-sectional returns of the impact portfolio, explore the financial anal...
Stock valuation models can be used to guide the investment decisions of institutions or individuals. In the traditional approach, the investor will use a valuation model to calculate a stock’s intrinsic value as a function of the estimated futu...
Financial accounting manipulation (FAM) remains a persistent concern in emerging Asian markets, yet existing studies typically assess firm resilience, market valuation, and institutional governance separately. This study addresses this gap by examini...
This study aims to estimate the impact of brand as the most important intangible marketing asset on firm value, measured by share return in some Arab emerging market, as well analyze the moderating role of agency costs in the relationship between sha...
We investigate the importance of bankruptcy risk in discounted cash flow (DCF) equity valuation. Our analyses first show how bankruptcy risk is incorporated in DCF valuation, where investment risk is captured by cash flow certainty equivalents. Withi...
In this paper, inside the system of uncertainty theory, the valuation of equity warrants is explored. Different from the strategies of probability theory, the valuation problem of equity warrants is unraveled by utilizing the strategy of uncertain ca...
In an acquisition, an earnout is a component of transaction price that is contingent upon future events. Despite its usefulness to acquirers in mitigating valuation risk, using an earnout also has a potentially undesirable tax consequence for the acq...
This paper introduces a machine learning approach to quantify altruism from the linguistic style of textual documents. We apply our method to a central question in (social) entrepreneurship: How does altruism impact entrepreneurial success? Specifica...
The valuation of companies has long been a cornerstone of financial analysis and investment decision-making, offering critical frameworks for investors to gauge a firm’s worth and evaluate the relative value of future income streams within a sp...
Research on the impact of transparency and disclosures (TD) on the firm’s valuation presents an ambiguous result. The effect of disclosure on value is a concern because disclosure is not an economic activity. It grows further due to the embelli...
This study investigates the determinants of financial and market-based sustainability among listed Information Technology (IT) firms in Central and Eastern Europe (CEE) between 2018 and 2024. Drawing on Agency Theory, Stakeholder Theory, Resource-Bas...
22 November 2021
Location-based service heightens consumers’ shopping convenience. By utilizing spatial flexibility of consumers, retailers can target consumers via location-based mobile coupons (LBMCs) to enhance market performance. Considering the strategies...
Everyone likes Porsche but few can afford it. Budget constraints always play a critical role in a customer’s decision-making. The literature disproportionally focuses on how firms can induce customer valuations toward the product, but does not addres...
In this paper, we test whether the short-run econometric conditions for the basic assumptions of the Ohlson valuation model hold, and then we relate these results with the fulfillment of the short-run econometric conditions for this model to be effec...
This paper examines the relationship between ESG ratings, as a subset of criteria and a tool for assessing sustainability, and firm performance in Southern European economies. It focuses on publicly listed large-cap companies in Portugal, Italy, Gree...
High-bandwidth memory (HBM) has become a strategic bottleneck in AI-centric systems, shifting competitive advantage from computing power alone to a design that is orchestrated by memory and packaging. We investigate whether publicly available informa...
This paper’s purpose is to compare nonprofits with pass-throughs in terms of valuation, leverage, and growth. To achieve this purpose, we use the Capital Structure Model. This model determines maximum firm valuation through incorporating real data (t...
This study examines whether related-party transactions (RPTs) impact the value of firms’ cash holdings. Using a 2011–2018 sample of Korean public firms, we find that greater RPTs lead to lower cash holdings value. In particular, this decl...
In the United States, flood events are the most economically damaging type of natural disaster. Some of the most widely used tools for understanding property flood risk in the United States are the Flood Insurance Rate Maps (FIRMs) produced by the Fe...
Framework: Financial Technology (FinTech) is an industry composed of diversified firms that combine financial services with innovative technologies. The research question and main goal are attempting to answer whether they are more similar to traditi...
Corporate finance research focuses on C corps (CCs) neglecting pass-throughs (PTs). We answer this neglect by examining PT outputs for the categories of debt choice, valuation, and leverage gain. In the process, we expand on the nongrowth PT research...
This study examines the causal and dynamic effects of carbon information disclosure on firm value, using a policy-driven setting in China’s carbon-intensive industries. In 2018, the Ministry of Ecology and Environment implemented a regulatory p...
This study investigated how corporate maturity—measured through firm age and lifecycle stage—moderates the value relevance of Environmental, Social, and Governance (ESG) disclosures in a frontier market context, using Bangladesh as a case...
The link between ESG and financial performance is still under debate. In this study, we explore which aspects of ESG specifically drive market valuations through both systematic and idiosyncratic risk channels. We analyze the impact of the three core...
This study investigates the relationship between a firm’s intellectual property (measured by patents) and its future business performance and information environments by focusing on financial analysts’ forecasting behavior. The results sh...
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