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Analyzing the influence of the funds' support on Tobin's q using SEM and fsQCA

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  • Vizcaíno, Marcos
  • Chousa, Juan P.

Abstract

This research uses structural equation modeling (SEM) and a fuzzy-set qualitative comparative analysis (fsQCA) method to analyze data about votes that funds emit in corporate meetings aiming to address the influence of the funds' support over the Tobin's q ratio. Whereas SEM investigates the connection between the variables, fsQCA focuses more in investigating qualitative effects. The sample contains data regarding United States banks during the 2003–2013 period. SEM results show that the funds' support is significant for the explanation of the Tobin's q ratio, showing a direct relation. Additionally, fsQCA results evidence that the funds' support, along with the leverage ratio and the return on equity ratio, explain Tobin's q during the 2003–2008 period. However, focusing on the 2009–2013 period, the funds' support is no longer an explanatory factor, indicating that the financial crisis has infringed a significant qualitative change into the antecedents of Tobin's q.

Suggested Citation

  • Vizcaíno, Marcos & Chousa, Juan P., 2016. "Analyzing the influence of the funds' support on Tobin's q using SEM and fsQCA," Journal of Business Research, Elsevier, vol. 69(6), pages 2118-2124.
    • Handle: RePEc:eee:jbrese:v:69:y:2016:i:6:p:2118-2124
    DOI: 10.1016/j.jbusres.2015.12.018
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    Cited by:

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    4. Valaei, Naser & Rezaei, Sajad & Ismail, Wan Khairuzzaman Wan, 2017. "Examining learning strategies, creativity, and innovation at SMEs using fuzzy set Qualitative Comparative Analysis and PLS path modeling," Journal of Business Research, Elsevier, vol. 70(C), pages 224-233.
    5. Marcos Vizcaíno-González & Susana Iglesias-Antelo & Noelia Romero-Castro, 2019. "Assessing Sustainability-Related Systematic Reputational Risk through Voting Results in Corporate Meetings: A Cross-Industry Analysis," Sustainability, MDPI, vol. 11(5), pages 1-11, March.
    6. Rahman, Mahabubur & Faroque, Anisur R. & Sakka, Georgia & Ahmed, Zafar U., 2022. "The impact of negative customer engagement on market-based assets and financial performance," Journal of Business Research, Elsevier, vol. 138(C), pages 422-435.
    7. Juan Pineiro-Chousa & Marcos Vizcaíno-González & Samuel Ribeiro-Navarrete, 2019. "Using voting decisions to identify shocks in the financial services industry," Service Business, Springer;Pan-Pacific Business Association, vol. 13(2), pages 419-431, June.

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    Keywords

    Funds' support; Tobin's q; SEM; fsQCA;
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