Panel D label l salju d distribusi

Panel D label l salju d distribusi sampel DY Iirm kode utama. sampel mencakup spektrum yang luas dari perusahaan manufaktur dan jasa tanpa konsentrasi clcar pada setiap industri tunggal. benchmarking Industri Panel Kedua Tabel I juga menunjukkan bahwa mayoritas perusahaan sampel kami, 12 dari 18, memiliki kegiatan di industrics multiplc. Demikian pula, sepuluh dari 18 perusahaan dalam sampel kontrol kami juga terlibat dalam kegiatan di beberapa industri. Perusahaan-perusahaan multi-aktivitas mengangkat masalah kompatibilitas. Meskipun kita membangun pencocokan sampel dengan mencocokkan kode SIC utama perusahaan ', perusahaan mungkin tidak cocok dalam hal kegiatan bisnis mereka di industrics lain dan di thcir komposisi industri. Untuk menghadapi masalah ini, kita fokus pada nilai-nilai industri disesuaikan baik di tes univariat dan multivariat

OCnchmarks akuntansi metrik kinerja dan menggunakan nilai-nilai median untuk membandingkan dengan metrik kinerja. Untuk perusahaan dengan kegiatan di industri akuntansi sebenarnya beberapa perusahaan, kita menghitung rata-rata wcightcd media industri semua industri di mana perusahaan beroperasi. Nilai rata-rata setiap industri dihitung dengan menggunakan semua perusahaan aktivitas tunggal dalam industri itu. Kami thcn menghitung patokan industri untuk perusahaan multi-aktivitas dengan mengambil rata-rata
tertimbang dari nilai-nilai median dari tertentu semua industri di mana perusahaan multi-aktivitas beroperasi. beratnya adalah rasio penjualan segmen perusahaan terhadap total penjualan. Pendekataninididasarkan pada studi penyesuaian industri di bidang akuntansi dan keuangan (mis Bodnar et al, 1997;. Denis et al., 2002). Sebuah contoh numerik disediakan di Semua indeks kinerja benchmark industri dalam kolom (b) dari Tabel II dihitung dengan cara ini. Tindakan nilai konvensional dan industri-disesuaikan Untuk mengukur apakah investor menghargai pemenang penghargaan tinggi dari perusahaan lain, kita mengukur adalah pasar-to-book menghitung tiga langkah nilai konvensional. Rasio kami, dilambangkan sebagai MTB dan diukur sebagai total nilai pasar aset dengan nilai buku aset bagi perusahaan. Nilai pasar dari aset didefinisikan sebagai jumlah dari nilai pasar ini ekuitas ditambah nilai buku kewajiban dan ukuran yang lebih disukai adalah proxy dekat untuk q Tobin, yang merupakan nilai ukuran yang digunakan dalam studi Yeung (1991) dan Lang dan Stulz (1994) [2. Ukuran kedua adalah dengan Morck harga standar untuk laba per rasio saham dan dilambangkan sebagai PE. Ukuran ketiga adalah rasio nilai kelebihan, dilambangkan sebagai EV dan diukur sebagai nilai pasar ekuitas umum dikurangi nilai buku ekuitas umum dibagi dengan total penjualan. Ini adalah nilai ukuran yang digunakan dalam studi Errunza dan Senbet (1981, 1984) dan Kim dan Lyn (1986). Ketiga langkah ini memiliki kelemahan karena mereka tidak disesuaikan sulit antara efek industri yang berbeda, sehingga membuat perbandingan Langkah-langkah ini juga dipengaruhi oleh fluktuasi komposisi perusahaan '. nilai aset industri dan pendapatan.

nilai adalah nilai pasar diperhitungkan industri-disesuaikan dari segmen industri perusahaan. Ini dikembangkan oleh Berger dan Ofek (1995) dan digunakan dalam beberapa makalah lain (mis. Bodnar et al, 1997, Denis et al, 2002). Kami menunjukkan nilai ini ukuran keempat sebagai VM. Untuk memungkinkan perusahaan, nilai diperhitungkan untuk setiap industri terhadap single-kegiatan benchmarking pasar-to-penjualan rasio segmen perusahaan diversifikasi didasarkan pada median industri perusahaan tunggal-aktivitas untuk rincian lengkap tentang ukuran ini lihat Lampiran tersebut). Dengan demikian, nilai yang diperhitungkan perusahaan adalah nilai pasar diperkirakan dari perusahaan berbasis industri median kelipatan nilai di mana perusahaan memiliki operasi bisnis. Kami menggunakan nilai ukuran ini dalam tes multivariat kami.

Untuk calculale disesuaikan-nilai ini ukuran, kami membutuhkan setiap pengamatan frm-tahun untuk memiliki data total nilai pasar (didefinisikan sebagai jumlah dari nilai Inarket dari ekuitas umum ditambah nilai buku kewajiban) dan industri data penjualan segmen yang mendamaikan dengan jumlah penjualan (jumlah penjualan segmen harus berada dalam t 1 persen

Results (English) 1:

Panel D label l snow d distribution of sample code Iirm DY. the sample covers a broad spectrum of manufacturing companies and services without the concentration of clcar on any single industry. benchmarking the industry the second Panel of table I also shows that the majority of our sample firms, 12 from 18, has activities in multiplc industrics. Similarly, ten of the 18 companies in a sample of our control is also involved in activities in some industries. Multi-national companies the activity raised the issue of compatibility. Even if we build a sample matching by matching the SIC code is the main company ', the company may not be suitable in terms of their business activities in other industrics and thcir composition in the industry. To face this issue, we focus on industrial values adjusted both in Univariate and multivariate tests OCnchmarks accounting and performance metrics using median values to compare performance metrics. For companies with activities in the accounting industry is actually several companies, we compute the average of wcightcd media industry all industries in which the company operates. The average value of each industry is calculated using all single activity in industrial companies that. We are the industry benchmark for calculating thcn multi-national corporations activities by taking the average the weighted median of values from certain all industries where multi-national companies operating activity. severity is the ratio of sales to the total sales of the company's segments. Pendekataninididasarkan study on the adjustment of the industry in the fields of accounting and finance (e.g., Bodnar et al, 1997; Denis et al., 2002). A numerical example is provided in all industry benchmark performance index in column (b) of table II calculated in this way. The action of conventional values and industry-tailored to measure whether the investors appreciate the high award winners from other companies, we measure is the market-to-book value of the conventional three-step count. Our ratio of, denoted as the MTB and is measured as the total market value of assets with a book value of assets for the company. The market value of an asset is defined as the sum of the market value of this equity plus liabilities and book value of the preferred size is close to the Tobin q proxy, which is the value of the size used in the study of Yeung (1991) and Lang and Stulz (1994) [2. The second measure is to Morck standard price to earnings ratio per stock and denoted as PE. The third measure is the ratio of the value of the excess, denoted as EV and is measured as the value of public equity markets reduced the book value of common equity divided by total sales. This is the value of the size used in the study and Senbet Errunza (1981, 1984) and Kim and Lyn (1986). The third step is insufficient because they aren't customized hard between the effects of different industries, so as to make comparisons of measures is also influenced by the fluctuation in the composition of the company '. the value of industrial assets and income.the value is the market value taken into account industry-adapted from the company's industry segments. It was developed by Berger and Ofek (1995) and used in several other papers (IE. Bodnar et al, 1997, Denis et al, 2002). We demonstrate the value of this fourth measure as a VM. To allow the value of the company, accounted for every industry against the single-market benchmarking activities-to-sales ratio of the company's diversification segment based on the median of a single company-industrial activity for the full details of this size see the Appendix). Thus, the value of which accounted for an estimated market value of the company is from the company's industrial-based median multiples of the value in which the company has business operations. We use this measure of value in our multivariate tests. To calculale these values are adjusted measures, we need every observation years frm data to have total market value (defined as the sum of the value of the common equity plus Inarket book value liability) and industry sales data segments that reconcile with the amount of sales (number of sales segment should be in t 1 percent

Results (English) 2:

Panel D label snow d l sample distribution DY Iirm main code. sample covers a wide spectrum of manufacturing and services without clcar concentration on any single industry. Industry benchmarking Second Panel Table I also shows that the majority of companies in our sample, 12 of 18, has activities in industrics multiplc. Similarly, ten of the 18 companies in our control sample was also involved in activities in several industries. The companies multi-activity raised the issue of compatibility. Although we build a matching sample by comparing the company's main SIC code ', the company may not be suitable in terms of their business activities in other industrics and in thcir industrial composition. To deal with this issue, we focus on the values ​​of customized industry both in univariate and multivariate tests OCnchmarks accounting and performance metrics using median values ​​to compare with performance metrics. For companies with activity in the accounting industry is actually some companies, we calculate the average wcightcd media industry all industries in which the company operates. The average value of each industry is calculated by using all the company's sole activity in the industry. We thcn calculate the industry benchmark for multi-activity by taking the average of weighted median values ​​of all the specific industries in which the company operates a multi-activity. weight is the ratio of the enterprise segment sales to total sales. Pendekataninididasarkan on the study of industrial adjustment in accounting and finance (eg Bodnar et al, 1997 ;. Denis et al., 2002). A numerical example is provided in all industry benchmark performance index in column (b) of Table II is calculated in this way. Measures conventional value and industry-tailored order to gauge whether investors appreciate the high award winners from other companies, we measure is the market-to-book value of conventional counting three steps. Our ratio, denoted as MTB and measured as the total market value of assets with a book value of an asset for the company. The market value of an asset is defined as the sum of the market value of these equity plus the book value of liabilities and the size preferred is close proxy for Tobin's q, which is a measure used in the study Yeung (1991) and Lang and Stulz (1994) [2. The second measure is to Morck standard price for earnings per share ratio and denoted as PE. The third measure is the ratio of surplus value, denoted as EV and measured as the market value of common equity reduced the book value of common equity divided by total sales. This is the value of measure used in the study Errunza and Senbet (1981, 1984) and Kim and Lyn (1986). These three steps are flawed because they are not adapted difficult between the effects of different industries, thus making comparisons These measures also affected by fluctuations in the composition of the company '. the value of industrial assets and income. value is taken into account the market value of the industry-adjusted industrial segment companies. It was developed by Berger and Ofek (1995) and is used in several other papers (eg. Bodnar et al, 1997, Denis et al, 2002). We show this value as a fourth the size of the VM. To enable the company, the value calculated for each industry benchmarking activities against single-market-to-sales ratio is a diversified enterprise segments based on the median single-activity industrial company for more details on this measure see the Appendix). Thus, the imputed value of the company is estimated market value of the company based on the industry median multiple of the value in which the company has business operations. We use the value of this measure in a test multivariate us. To calculale adjusted values ​​of this size, we need every observation frm the years to have the data total market value (defined as the sum of the value Inarket of common equity plus the book value of liabilities) and industry sales data segments reconcile with the amount of sales (sales amount must be within the segment t 1 percent