ẢNH HƯỞNG CỦA LINH HOẠT TÀI CHÍNH, MỨC ĐỘ CHẤP NHẬN RỦI RO VÀ CHI PHÍ ĐẠI DIỆN ĐẾN GIÁ TRỊ CỦA CÁC CÔNG TY CỔ PHẦN PHI TÀI CHÍNH NIÊM YẾT TRÊN THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM SAU THỜI KỲ COVID-19
Nội dung chính của bài viết
Tóm tắt
Mục tiêu của nghiên cứu là xác định ảnh hưởng của linh hoạt tài chính, mức độ chấp nhận rủi ro và chi phí đại diện đến giá trị của các công ty cổ phần (CTCP) phi tài chính niêm yết trên thị trường chứng khoán (TTCK) Việt Nam sau thời kỳ COVID-19. Nghiên cứu đã chứng minh được rằng linh hoạt tài chính và mức độ chấp nhận rủi ro của các công ty có tác động cùng chiều đến giá trị công ty. Ngược lại, chi phí đại diện có tác động ngược chiều giá trị các công ty.
Từ khóa
Linh hoạt tài chính, mức độ chấp nhận rủi ro, chi phí đại diện, công ty cổ phần
Chi tiết bài viết
Tài liệu tham khảo
Adityamurti, E., & Ghozali, I. (2017). The Effect of Tax Avoidance and Agency Costs on Firm Value. Jurnal Akuntansi Diponegoro, 6(3), 1-12.
Al-Slehat, Z. A. F. (2019). The impact of the financial flexibility on the performance: An empirical study on a sample of Jordanian services sector firms in period (2010–2017). International Journal of Business and Management 14, 1-11.
Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency costs and ownership structure. Journal of Finance, 55(1), 81-106.
Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2014). Financial flexibility, corporate investment and performance: Evidence from financial crises. Review of Quantitative Finance and Accounting 42, 211-250.
Bancel, F., & Mittoo, U. R. (2011). Financial flexibility and the impact of the global financial crisis: Evidence from France. International Journal of Managerial Finance, 7, 179–216.
Bennedsen, M., & Nielsen, K. M. (2010). Incentive and entrenchment effects in European ownership. Journal of Banking and Finance, 34, 2212-2229.
Berger, P. G., & Ofek, E. (1995). Diversification's effect on firm value. Journal of Financial Economics, 37(1), 39-65.
Boubakri, N., Cosset, J. C., & Saffar, W. (2013). The role of state and foreign own- ers in corporate risk-taking: evidence from privatization. Journal of Financial Economics, 108(3), 641-658.
Chang, B.-G., & Wu, K.-S. (2021). The nonlinear relationship between financial flexibility and enterprise risk-taking during the COVID-19 pandemic in Taiwan’s semiconductor industry. Oeconomia copernicana, 12(2), 307-333.
Claessens, S., Djankov, S., Fan, J., & Lang, L. H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57, 2741–2772.
de Jong, A., Verbeek, M., & Verwijmeren, P. (2012). Does financial flexibility reduce investment distortions? Journal of Finance, 35(2), 243-259.
DeAngelo, H., & DeAngelo, L. (2007). Capital structure, payout policy, and financial flexibility. Marshall School of Business Working Paper.
Faccio, M., Marchica, M., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193-209.
Fama, E., & French, K. R. (2002). Testing trade-off and pecking order prediction abour dividends and debt. Review of Financial Studies, 15, 1-33.
Fleming, G., Heaney, R., & McCosker, R. (2005). Agency costs and ownership structure in Australia. A. Pacific-Basin Finance Journal,, 13(1), 29-52.
Frank, M., & Goyal, V. (2003). Testing pecking order theory of capital structure. Journal of Financial Economics, 67, 217-248.
Gamba, A., & Triantis, A. (2008). The value of financial flexibility. The Journal of Finance, 63, 2263–2296.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
John, K., Litov, L., & Yeung , B. (2008). Corporate Governance and Risk-Taking. The Journal of Finance, 63(4), 1679-1728. doi:10.1111/j.1540-6261.2008.01372.x
John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk-taking. Journal of Finance, 63(4), 1679-1728.
King, T.-H. D., & Wen, M.-M. (2011). Shareholder governance, bondholder governance, and managerial risk-taking. Journal of Banking & Finance, 35(3), 512-531.
Kraus, A., & Litzenberger, R. (1973). A state preference model of optimal financial leverage. Journal of Finance, 28, 911 - 921.
Lemmon, M. L., & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: evidence from the East Asian financial crisis. Journal of Finance, 58, 1445–1468.
Marchica, M. T., & Mura, R. (2010). Financial flexibility, investment ability, and firm value: Evidence from firms with spare debt capacity. Financial Management, 39, 1339-1365.
Modigliani, F., & Miller, M. (1958). The cost of capital, corpo- ration finance and the theory of investment. The American Economic Review, 48(3), 261-297.
Modigliani, F., & Miller, M. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443
Moeljadi. (2014). Factor effecting firm value: Theoritical study on public manufacturing firms in Indonesia. South East Asia Journal of Contemporary Business, Economics and Law, 5(2), 6-15.
Mohsni, S., Otchere, I., & Shahriar, S. (2021). Board gender diversity, firm performance and risk taking in developing countries: The moderating effect of culture. Journal of International Financial Markets, Institutions and Money, 103160. doi:https://doi.org/10.1016/j.intfin.2021.101360
Myers, S. C. (1984). The capital structure Puzzle. Journal of Finance, 39(3), 575-592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187-221.
Shin, Y. J., & Pyo, U. (2021). Impact of Risk-Taking on Firm Value. International Journal of Financial Research, 12(5), 223-245.
Singh, M., & Davidson III, W. N. (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking and Finance, 27(5), 793–816.
Teng, X., Chang, B.-G., & Wu, K.-S. (2021). The Role of Financial Flexibility on Enterprise Sustainable Development during the COVID-19 Crisis—A Consideration of Tangible Assets. Sustainability 13,1245.
Wardani, D. K., & Susilowati, W. T. (2017). Effect of Agency Cost on Firm Value with Information Transparency as a Moderation Variable Jurnal Akuntansi Universitas Kristen Maranatha, 12(1), 1-12.
Wiklund, J., & Shepherd, D. (2005). Entrepreneurial orientation and small business performance: a configurational approach. Journal of Business Venturing, 20(1), 71-91.
Yao, G., & Wu, Q. (2014). Research on the Relationship between Agency Cost and Corporate Performance. Statistics and Decision-Making, 24, 174–176.
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40, 185–221.
Yung, K., Li, D. D., & Jian, Y. (2015). The value of corporate financial flexibility in emerging countries. Journal of Multinational Financial Management, 32-33, 25-41.
Al-Slehat, Z. A. F. (2019). The impact of the financial flexibility on the performance: An empirical study on a sample of Jordanian services sector firms in period (2010–2017). International Journal of Business and Management 14, 1-11.
Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency costs and ownership structure. Journal of Finance, 55(1), 81-106.
Arslan-Ayaydin, Ö., Florackis, C., & Ozkan, A. (2014). Financial flexibility, corporate investment and performance: Evidence from financial crises. Review of Quantitative Finance and Accounting 42, 211-250.
Bancel, F., & Mittoo, U. R. (2011). Financial flexibility and the impact of the global financial crisis: Evidence from France. International Journal of Managerial Finance, 7, 179–216.
Bennedsen, M., & Nielsen, K. M. (2010). Incentive and entrenchment effects in European ownership. Journal of Banking and Finance, 34, 2212-2229.
Berger, P. G., & Ofek, E. (1995). Diversification's effect on firm value. Journal of Financial Economics, 37(1), 39-65.
Boubakri, N., Cosset, J. C., & Saffar, W. (2013). The role of state and foreign own- ers in corporate risk-taking: evidence from privatization. Journal of Financial Economics, 108(3), 641-658.
Chang, B.-G., & Wu, K.-S. (2021). The nonlinear relationship between financial flexibility and enterprise risk-taking during the COVID-19 pandemic in Taiwan’s semiconductor industry. Oeconomia copernicana, 12(2), 307-333.
Claessens, S., Djankov, S., Fan, J., & Lang, L. H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57, 2741–2772.
de Jong, A., Verbeek, M., & Verwijmeren, P. (2012). Does financial flexibility reduce investment distortions? Journal of Finance, 35(2), 243-259.
DeAngelo, H., & DeAngelo, L. (2007). Capital structure, payout policy, and financial flexibility. Marshall School of Business Working Paper.
Faccio, M., Marchica, M., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193-209.
Fama, E., & French, K. R. (2002). Testing trade-off and pecking order prediction abour dividends and debt. Review of Financial Studies, 15, 1-33.
Fleming, G., Heaney, R., & McCosker, R. (2005). Agency costs and ownership structure in Australia. A. Pacific-Basin Finance Journal,, 13(1), 29-52.
Frank, M., & Goyal, V. (2003). Testing pecking order theory of capital structure. Journal of Financial Economics, 67, 217-248.
Gamba, A., & Triantis, A. (2008). The value of financial flexibility. The Journal of Finance, 63, 2263–2296.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
John, K., Litov, L., & Yeung , B. (2008). Corporate Governance and Risk-Taking. The Journal of Finance, 63(4), 1679-1728. doi:10.1111/j.1540-6261.2008.01372.x
John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk-taking. Journal of Finance, 63(4), 1679-1728.
King, T.-H. D., & Wen, M.-M. (2011). Shareholder governance, bondholder governance, and managerial risk-taking. Journal of Banking & Finance, 35(3), 512-531.
Kraus, A., & Litzenberger, R. (1973). A state preference model of optimal financial leverage. Journal of Finance, 28, 911 - 921.
Lemmon, M. L., & Lins, K. V. (2003). Ownership structure, corporate governance, and firm value: evidence from the East Asian financial crisis. Journal of Finance, 58, 1445–1468.
Marchica, M. T., & Mura, R. (2010). Financial flexibility, investment ability, and firm value: Evidence from firms with spare debt capacity. Financial Management, 39, 1339-1365.
Modigliani, F., & Miller, M. (1958). The cost of capital, corpo- ration finance and the theory of investment. The American Economic Review, 48(3), 261-297.
Modigliani, F., & Miller, M. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443
Moeljadi. (2014). Factor effecting firm value: Theoritical study on public manufacturing firms in Indonesia. South East Asia Journal of Contemporary Business, Economics and Law, 5(2), 6-15.
Mohsni, S., Otchere, I., & Shahriar, S. (2021). Board gender diversity, firm performance and risk taking in developing countries: The moderating effect of culture. Journal of International Financial Markets, Institutions and Money, 103160. doi:https://doi.org/10.1016/j.intfin.2021.101360
Myers, S. C. (1984). The capital structure Puzzle. Journal of Finance, 39(3), 575-592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187-221.
Shin, Y. J., & Pyo, U. (2021). Impact of Risk-Taking on Firm Value. International Journal of Financial Research, 12(5), 223-245.
Singh, M., & Davidson III, W. N. (2003). Agency costs, ownership structure and corporate governance mechanisms. Journal of Banking and Finance, 27(5), 793–816.
Teng, X., Chang, B.-G., & Wu, K.-S. (2021). The Role of Financial Flexibility on Enterprise Sustainable Development during the COVID-19 Crisis—A Consideration of Tangible Assets. Sustainability 13,1245.
Wardani, D. K., & Susilowati, W. T. (2017). Effect of Agency Cost on Firm Value with Information Transparency as a Moderation Variable Jurnal Akuntansi Universitas Kristen Maranatha, 12(1), 1-12.
Wiklund, J., & Shepherd, D. (2005). Entrepreneurial orientation and small business performance: a configurational approach. Journal of Business Venturing, 20(1), 71-91.
Yao, G., & Wu, Q. (2014). Research on the Relationship between Agency Cost and Corporate Performance. Statistics and Decision-Making, 24, 174–176.
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40, 185–221.
Yung, K., Li, D. D., & Jian, Y. (2015). The value of corporate financial flexibility in emerging countries. Journal of Multinational Financial Management, 32-33, 25-41.