财务灵活性对肯尼亚内罗毕证券交易所上市非金融公司企业价值的影响

Victor Odhiambo Ogutu, Peter Njuguna
{"title":"财务灵活性对肯尼亚内罗毕证券交易所上市非金融公司企业价值的影响","authors":"Victor Odhiambo Ogutu, Peter Njuguna","doi":"10.36348/sjbms.2024.v09i02.002","DOIUrl":null,"url":null,"abstract":"The purpose of this study aimed to examine the influence of financial flexibility on the firm value of listed non-financial corporations at the NSE in Kenya from the period 2011 to 2019. Specifically, this study examined the influence of cash holdings; debt capacity; and financing cost restrictions on firms’ value of listed non-financial companies quoted at the NSE. The study further examined the moderating role played by firm size in the association between financial flexibility and firm value of non-finance companies quoted at the NSE in Kenya. The study was underpinned by the free cash flow theory, the trade-off theory and the pecking-order theory. The study adopted a descriptive longitudinal research design and focussed on all the 37 non-financial listed at the NSE as of December 31, 2020. However, firms that were financially distressed as of the time of data collection did not form part of the study. As a result, only 31 firms with 272 firm-year observations formed part of the study. The study utilized panel data that was analysed using panel multiple regression analysis and aided by the STATA statistical package. To ensure the non-violation of statistical assumption and to allow for remedial action when a violation occurred, diagnostic tests were carried out. Hausman specification test results favoured the use of the random-effects model.","PeriodicalId":508674,"journal":{"name":"Saudi Journal of Business and Management Studies","volume":"31 1-2","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Influence of Financial Flexibility on Firm Value of Non-Financial Companies Listed at the Nairobi Securities Exchange in Kenya\",\"authors\":\"Victor Odhiambo Ogutu, Peter Njuguna\",\"doi\":\"10.36348/sjbms.2024.v09i02.002\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The purpose of this study aimed to examine the influence of financial flexibility on the firm value of listed non-financial corporations at the NSE in Kenya from the period 2011 to 2019. Specifically, this study examined the influence of cash holdings; debt capacity; and financing cost restrictions on firms’ value of listed non-financial companies quoted at the NSE. The study further examined the moderating role played by firm size in the association between financial flexibility and firm value of non-finance companies quoted at the NSE in Kenya. The study was underpinned by the free cash flow theory, the trade-off theory and the pecking-order theory. The study adopted a descriptive longitudinal research design and focussed on all the 37 non-financial listed at the NSE as of December 31, 2020. However, firms that were financially distressed as of the time of data collection did not form part of the study. As a result, only 31 firms with 272 firm-year observations formed part of the study. The study utilized panel data that was analysed using panel multiple regression analysis and aided by the STATA statistical package. To ensure the non-violation of statistical assumption and to allow for remedial action when a violation occurred, diagnostic tests were carried out. Hausman specification test results favoured the use of the random-effects model.\",\"PeriodicalId\":508674,\"journal\":{\"name\":\"Saudi Journal of Business and Management Studies\",\"volume\":\"31 1-2\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-02-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Saudi Journal of Business and Management Studies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.36348/sjbms.2024.v09i02.002\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Saudi Journal of Business and Management Studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.36348/sjbms.2024.v09i02.002","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0

摘要

本研究旨在考察 2011 年至 2019 年期间财务灵活性对肯尼亚 NSE 非金融类上市公司公司价值的影响。具体而言,本研究考察了现金持有量、债务能力和融资成本限制对在 NSE 挂牌的非金融类上市公司的公司价值的影响。研究还进一步考察了公司规模在财务灵活性与在肯尼亚 NSE 上市的非金融公司的公司价值之间的关联中起到的调节作用。本研究以自由现金流理论、权衡理论和啄食顺序理论为基础。研究采用了描述性纵向研究设计,重点关注截至 2020 年 12 月 31 日在 NSE 上市的所有 37 家非金融公司。但是,在收集数据时陷入财务困境的公司不在研究范围内。因此,只有 31 家公司的 272 个公司年度观察数据构成了研究的一部分。本研究利用面板数据,在 STATA 统计软件包的辅助下,使用面板多元回归分析法对数据进行分析。为确保不违反统计假设,并在违反假设时采取补救措施,进行了诊断测试。豪斯曼规格检验结果倾向于使用随机效应模型。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
The Influence of Financial Flexibility on Firm Value of Non-Financial Companies Listed at the Nairobi Securities Exchange in Kenya
The purpose of this study aimed to examine the influence of financial flexibility on the firm value of listed non-financial corporations at the NSE in Kenya from the period 2011 to 2019. Specifically, this study examined the influence of cash holdings; debt capacity; and financing cost restrictions on firms’ value of listed non-financial companies quoted at the NSE. The study further examined the moderating role played by firm size in the association between financial flexibility and firm value of non-finance companies quoted at the NSE in Kenya. The study was underpinned by the free cash flow theory, the trade-off theory and the pecking-order theory. The study adopted a descriptive longitudinal research design and focussed on all the 37 non-financial listed at the NSE as of December 31, 2020. However, firms that were financially distressed as of the time of data collection did not form part of the study. As a result, only 31 firms with 272 firm-year observations formed part of the study. The study utilized panel data that was analysed using panel multiple regression analysis and aided by the STATA statistical package. To ensure the non-violation of statistical assumption and to allow for remedial action when a violation occurred, diagnostic tests were carried out. Hausman specification test results favoured the use of the random-effects model.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
期刊最新文献
Whistle Blowing System Based on Indonesia Case Study: Qualitatives Research The Influence of Quality Perceptions, Social Media, Price Perceptions and Celebrity Endorsers on Purchase Intention with Brand Image as a Mediating Variable in Idemu Custome Furniture Products in Jakarta The Influence of Quality Perceptions, Social Media, Price Perceptions and Celebrity Endorsers on Purchase Intention with Brand Image as a Mediating Variable in Idemu Custome Furniture Products in Jakarta The Influence of Financial Flexibility on Firm Value of Non-Financial Companies Listed at the Nairobi Securities Exchange in Kenya The Influence of Financial Flexibility on Firm Value of Non-Financial Companies Listed at the Nairobi Securities Exchange in Kenya
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1