The Impact of Debt Financing on the Value of a Company: the Case of North Macedonian Companies
Povzetek
Namen tega prispevka je ugotoviti povezavo med zadolženostjo podjetja in njegovo vrednostjo. Uporabili smo vzorec 20 severnomakedonskih podjetij, ki kotirajo na makedonski borzi vrednostnih papirjev (MSE), in podatke za obdobje šestih let. V članku uporabljamo modele panelnih podatkov (združena regresija OLS, modeli fiksnih in naključnih učinkov) za oceno povezave med financiranjem z dolgom in vrednostjo podjetja, merjeno z donosnostjo sredstev (ROA) in Tobinovim Q. Glede na rezultate ima kratkoročni dolg statistično pomemben in negativen vpliv, medtem ko imajo donosnost naložb v človeški kapital (HCROI), velikost podjetja in tekoči koeficient pozitiven in statistično pomemben vpliv na ROA. Pri proučevanju vpliva zadolženosti na vrednost podjetja, merjeno s Tobinovim Q, imata kratkoročni in dolgoročni dolg pozitiven in statistično značilen vpliv. Naša raziskava kaže, da dolg sicer povečuje kazalnike tržne uspešnosti podjetja, vendar hkrati zmanjšuje računovodsko uspešnost poslovanja podjetja. Zato bi morali vlagatelji pri analizi vrednosti podjetja poleg Tobinovega Q, ki ga včasih lahko obravnavamo kot razmerje med tržno in knjigovodsko vrednostjo, upoštevati tudi temeljne kazalnike, kot so ROA, ROE (donosnost kapitala) in EPS (dobiček na delnico).
Prenosi
Literatura
Adenugba, A. A., Ige, A. A., & Kesinro, O. R. (2016). Financial leverage and firm’s value: A study of selected firms in Nigeria. European Journal of Research and Reflection in Management Sciences, 4(1), 14-32. Retrieved from https://www.idpublications.org/wp-content/uploads/2016/01/Full-Paper-FINANCIAL-LEVERAGE-AND-FIRMS%E2%80%99-VALUE-A-STUDY-OF-SELECTED-FIRMS-IN-NIGERIA.pdf
Ahmed, N., & Afza, T. (2019). Capital structure, competitive intensity, and firm performance: Evidence from Pakistan. Journal of Advances in Management Research, 16(5), 796-813. DOI: 10.1108/JAMR-02-2019-0018
Al-Delawi, A. S., Raewf, M., & Jameel, A. (2023). The Impact of Human Capital on a Company’s Value: A Cross-Cultural Study. Journal of Intercultural Communication, 23(1), 24–32. DOI: 10.36923/jicc.v23i1.53
Akhtar, M.W., Khan, F.A., Shahid, A., & Ahmad, J. (2016). Effects of Debt on the Value of a Firm. Journal of Accounting and Marketing 5(4), 1-4. DOI:10.4172/2168-9601.1000202
Atiningsih, S., & Nur Izzaty, K. (2021). The Effect of Firm Size on Company Value with Profitability As an Intervening Variable And Dividend Policy As a Moderating Variable. International Journal of Economics, Business and Accounting Research, 5(4), 378-388. DOI: 10.29040/ijebar.v5i4.3450
Bartlett, R. P., & Partnoy, F.I. (2018). The Misuse of Tobin's Q (February 4, 2018). UC Berkeley Public Law Research Paper. DOI: 10.2139/ssrn.3118020
Core, J.E., Holthausen, R.W., & Larcker, D.F. (1999). Corporate Governance, Chief Executive Officer Compensation, and Firm Performance. Journal of Financial Economics, 51(3), 371-406. DOI:10.1016/S0304-405X(98)00058-0
Corporate Finance Institute (2018, March 8) Enterprise Value (EV.) The entire value of a firm. Retrieved from https://corporatefinanceinstitute.com/resources/valuation/what-is-enterprise-value-ev/.
Cronqvist, H., Heyman, F., Nilsson, M., Svaleryd, H., & Vlachos, J. (2009). Do Entrenched Managers Pay Their Workers More? The Journal of Finance, 64(1), 309-339. DOI: 10.1111/j.1540-6261.2008.01435.x
Dawar, V. (2014). Agency theory, capital structure, and firm performance: some Indian evidence. Managerial Finance, 40(12), 1190-1206. DOI: 10.1108/MF-10-2013-0275
Dinta, R., Tarmedi, E., Hidayat, Y.M., & Surachim, A. (2021). The Effect of Profitability and Liquidity on Firms Value. Advances in Economics, Business and Management Research, 220, 125-130. DOI: 10.2991/aebmr.k.220701.025
Dybvig, P. H., & Warachka, M. (2015). Tobin's Q Does Not Measure Firm Performance: Theory, Empirics, and Alternatives. Retrieved from https://ssrn.com/abstract=1562444. DOI: http://dx.doi.org/10.2139/ssrn.1562444
Ebaid, E. I. (2009). The impact of capital–structure choice on firm performance: empirical evidence from Egypt, Journal of Risk Finance, 10(5), 477-487. DOI: 10.1108/15265940911001385
Ferati, R., & Ejupi, E. (2012). Capital Structure and Profitability: The Macedonian Case. European Scientific Journal, 8(7), 51-57. DOI: 10.19044/ESJ.2012.V8N75
Fleischhauer, K. (2007). A Review of Human Capital Theory: Microeconomics (Working paper 2007-01). University of St. Gallen Department of Economics Department of Economics, University of St. Gallen. Retrieved from https://core.ac.uk/download/pdf/6710654.pdf
Forte, R., & Tavares, J.M. (2019). The relationship between debt and a firm’s performance: the impact of institutional factors. Managerial Finance, 45(9), 1272-1291. DOI: 10.1108/MF-04-2018-0169
Gill, A., & Obradovich, J. (2012). The Impact of Corporate Governance and Financial Leverage on the Value of American Firms. International Research Journal of Finance and Economics, 9, 1–14.
Graham, J.R., Lemmon, M.L., & Wolf, J.G. (2002). Does Corporate Diversification Destroy Value? The Journal of Finance, 57(2), 695-720. DOI: 10.2139/ssrn.199709
Gupta, N. K., & Gupta, H. (2014). Impact of Capital Structure on Financial Performance in Indian Construction Companies. International Journal of Economics, Commerce and Management United Kingdom, 2(5), 1-14. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.680.3443
Hamid, M. A., Abdullah, A., & Kamaruzzaman, N. A. (2015). Capital structure and profitability in family and nonfamily firms: Malaysian evidence. Procedia Economics and Finance, 31, 44-55. DOI: 10.1016/s2212- 5671(15)01130-2
Ishaq, M., Islam, Y., & Ghouse, G. (2021). Tobin’s Q as an Indicator of Firm Performance: Empirical Evidence from Manufacturing Sector Firms of Pakistan, International Journal of Economics and Business Administration, IX(1), 425-441. DOI: 10.35808/ijeba/683
Iturriaga, F.J.L., & Crisóstomo, V.L. (2010). Do leverage, dividend payout, and ownership concentration influence firms’ value creation? An analysis of Brazilian firms. Emerg. Mark. Fin. Trade, 46(3), 80–94. DOI: 10.2753/REE1540-496X460306
Jahani, A. M., Nasab, M.R.Z., & Soofi, F. (2013). A Survey of the Relation between Tobin's Q with Earnings Forecast Error and Economic Value Added in TSE. Advances in Environmental Biology, 7(10), 2795-280. Retrieved from https://www.aensiweb.com/old/aeb/2013/2795-2802.pdf
Jensen, M., C.& Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360. DOI: 10.1016/0304-405X(76)90026-X.
Komara, A., Ghozali, I., & Januarti, I. (2020). Examining the Firm Value Based on Signaling Theory. Advances in Economics, Business and Management Research, 123, 1-4. DOI: 10.2991/amber.k.200305.001
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922. DOI: 10.1111/j.1540-6261.1973.tb01415.x
Le, T. V., & Phan, T. N. (2017). Capital structure and firm performance: Empirical evidence from a small transition country, Research in International Business and Finance, 42, 710–726. DOI:/10.1016/j.ribaf.2017.07.012
Maani, A. A., Alawad, A. S., & Karaki, A.S.B. (2021). Impact Of Liquidity and Profitability Ratios on The Stock Market Value of Jordan Insurance Companies. Academy of Accounting and Financial Studies Journal, 25(2), 1-14.
Madushanka, K. H. I., & Jathurika, M. (2018). The Impact of Liquidity Ratios on Profitability (With special reference to Listed Manufacturing Companies in Sri Lanka). International Research Journal of Advanced Engineering and Science, 3(4), 157-161.
Meiryani, Olivia, Sudrajat, J., & Daud, Z. M. (2020). The effect of firm’s size on corporate performance. International Journal of Advanced Computer Science and Applications, 11(5), 272–277. DOI: 10.14569/IJACSA.2020.0110536
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(3), 433-443.
Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 575-592. DOI: 10.2307/2327916
Nazir, A., Azam, M., & Khalid, M.U. (2021). Debt financing and firm performance: empirical evidence from the Pakistan Stock Exchange", Asian Journal of Accounting Research, 6(3), 324-334. DOI: 10.1108/AJAR-03-2019-0019.
Nyamwanza, L., Haufiku, H. I., Ellen, M., & Mhaka, C. (2020). The link between debt finance and profitability in the emerging market: A case study of a furniture retail company. Risk Governance and Control: Financial Markets & Institutions, 10(4), 57-80. DOI: 10.22495/rgcv10i4p5
Nugroho, T. & Patrisia, D. (2022). The effect of capital structure, and growth on firm value on real estate and property companies listed on the IDX (2015-2019 period). Journal of Financial Management Studies, 2(1), 67-78. DOI: 10.24036/jkmk
Olaniyi, T. A., Elelu, M. O., & Abdulsalam, T. S. (2015). Impact of capital structure on corporate performance: A pre and post-crisis evaluation of selected companies in the US. International Journal of Accounting Research, 2(8), 1-20. DOI: 10.12816/0017352
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of Liquidity, Profitability, and Size of Companies on Firm Value. Utopía y Praxis Latinoamericana, 25(6), 325-331. DOI: 10.5281/zenodo.3987632
Rosenbaum, J. & Pearl, J. (2009). Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions. John Wiley & Sons, Inc., Hoboken, New Jersey.
Ross, S.A. (1977). The determination of financial structure: the incentive-signaling approach. The Bell Journal of Economics, 8(1), 23–40. DOI: 10.2307/3003485.
Sampurna, D. S. & Romawati, E. (2019). Determinants of Firm Value: Evidence in Indonesia Stock Exchange. Proceedings of the 6th Annual International Conference on Management Research, 12-15. DOI: 10.2991/aebmr.k.200331.003
Sisodia, G., Jadiyappa, N., & Joseph, A. (2021). The relationship between human capital and firm value: Evidence from Indian firms, Cogent Economics & Finance, 9(1), 1-15. DOI: 10.1080/23322039.2021.1954317
Smith, A. (2008). An inquiry into the nature and causes of the wealth of nations. Oxford: Oxford University Press.
Sunardi, N., Husain, T., & Kadim, A. (2020). Determinants of Debt Policy and Company’s Performance. International Journal of Economics and Business Administration, 8(4), 2020, 204-213. DOI: 10.35808/ijeba/580
Tifow, A. A., & Sayilir, O. (2015). Capital structure and firm performance: An analysis of manufacturing firms in Turkey. Eurasian Journal of Business and Management, 3(4), 13-22. DOI: 10.15604/ejbm.2015.03.04.002
Vinasithamby, S. (2015). Does firm size influence a firm’s profitability? Evidence from listed firms of Sri Lankan hotels and travel sector. Research Journal of Finance and Accounting, 6(6), 201-207. Retrieved from https://core.ac.uk/download/pdf/234630609.pdf
Copyright (c) 2023 Andrijana Bojadzievska Danevska, Elena Parnardzieva Stanoevska, Savica Dimitrieska
To delo je licencirano pod Creative Commons Priznanje avtorstva-Nekomercialno-Brez predelav 4.0 mednarodno licenco.