Tobin’s Q and Its Determinants: A Study of Market Valuation in MISC Berhad

Anis Syazwani

MPRA Paper from University Library of Munich, Germany

Abstract: The study examines the impact of Tobin’s Q or market valuation determinants on firm corporate governance of MISC Berhad. Tobin’s Q of the firm represents the ratio of market capitalization plus long-term debt to total assets. This study employs time series regression analysis from 2012 to 2016. The findings show that only internal factors giving significant impact to the market valuation of the firm when it has been tested solely in Model 1 and combined for both internal and external factors in Model 3. Meanwhile, there is no significant result when the external factors were tested solely in Model 2. The multiple linear regression analysis shows that the Altman Z score is the most significant and positively influenced the market valuation of MISC Berhad.

Keywords: Tobin’s Q; Market Valuation; Internal Factors; External Factors (search for similar items in EconPapers)
JEL-codes: E3 E31 G32 G33 (search for similar items in EconPapers)
Date: 2019-05-07
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-mac and nep-ore
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:93776

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