tailieunhanh - Impact of financial transparency on SMEs’ value

This study aims at investigating the effects of financial transparency on SMEs’ value. The main purpose of research work is to test hypothesis that there is no significant relationship between financial transparency and SME value improvement as indicated by interest coverage ratio and Tobin Q. Agency theory is a useful framework for designing financial transparency tools. Further the study applied census survey for one hundred twenty-eight SMEs listed in AIM Italia. The time under study was from 2014 to 2018. Out of the 128 listed SMEs targeted, 115 were analyzed forming 90% of the population. Financial transparency index (FTI) was developed as proxy measures of variables. Regression analysis and correlation analysis have been applied to test the hypotheses. Key study variables of SMEs are subject to descriptive statistics. The results suggest a positive and significant relationship between the variables. Greater financial transparency allows SMEs to reduce information asymmetries and optimize their capital structure. This research work has applied important mechanism in FTI to examine the effect of financial transparency on SME value which has provided new insight on the relationship thereby enriching the finding. | Journal of Applied Finance Banking vol. 9 no. 6 2019 285-300 ISSN 1792-6580 print version 1792-6599 online Scientific Press International Limited Impact of Financial Transparency on SMEs Value Andrea Quintiliani1 Abstract This study aims at investigating the effects of financial transparency on SMEs value. The main purpose of research work is to test hypothesis that there is no significant relationship between financial transparency and SME value improvement as indicated by interest coverage ratio and Tobin Q. Agency theory is a useful framework for designing financial transparency tools. Further the study applied census survey for one hundred twenty-eight SMEs listed in AIM Italia. The time under study was from 2014 to 2018. Out of the 128 listed SMEs targeted 115 were analyzed forming 90 of the population. Financial transparency index FTI was developed as proxy measures of variables. Regression analysis and correlation analysis have been applied to test the hypotheses. Key study variables of SMEs are subject to descriptive statistics. The results suggest a positive and significant relationship between the variables. Greater financial transparency allows SMEs to reduce information asymmetries and optimize their capital structure. This research work has applied important mechanism in FTI to examine the effect of financial transparency on SME value which has provided new insight on the relationship thereby enriching the finding. JEL classification numbers C30 G20 G30 G39 Keywords Financial transparency SME value Agency theory Information asymmetries Tobin Q Capital structure. 1 Extraordinary Professor in the Academic field of Economics of Financial Intermediaries and Corporate Finance Department of Law and Economic Sciences Pegaso Telematic University Naples Italy. Article Info Received November 5 2019. Revised November 18 2019. Published online December 1 2019. 286 Andrea Quintiliani 1. Introduction Financial transparency can be defined as an information disclosure

• Tài chính doanh nghiệp
• Financial transparency
• SME value
• Agency theory
• Information asymmetries
• Tobin Q
• Capital structure
• Doctoral thesis summary
• International Economics
• Impact of financial reporting transparency
• Financial reporting transparency
• Equity capital of Vietnamese listed firms
• Summary of PhD thesis
• Summary of PhD thesis in Economics
• Influence of the factors
• Transparency of information
• Financial statements
• Stock market in the Vietnam
• Financial customer protection
• Financial literacy
• Equitable dealing
• Disclosure and transparency
• Financial education
• Control activities in south nyanza county governments in Kenya
• Financial accountability in south nyanza county governments in Kenya
• South nyanza county governments
• Transparency and financial reporting
• Illiquid financial instruments
• Otc markets
• Distribution policies
• Business rules for intermediaries’ commercial policies
• Improve risk based transparency standards
• Corruption and Transparency
• Money Laundering
• Straf – Corruption
• Financial Scandals
• Asset Bubbles
• Demographic profile
• education teachers
• financial resources
• reflect disparities
• individual resources
• privileged backgrounds
• opportunities
• capital structures supported
• Geopolymer Composite
• Fire Resistance
• Features and Applications
• Natural Sources
• Policy integration
• Theoretical perspective
• National ethnic groups
• Integration challenges
• Establishment
• Biogeographic Areas
• Distributing Endemic
• Dominican Republic
• Biogeography
• Intertidal Barnacles
• Bank disclosure
• Core capital
• Bank risk
• Capital ratios
• Bank transparency