Tobin’s Q as a market-based measure of firm’s performance and as a proxy for exposure to systematic risk. by Ng, Hao Chieh., Kuik, Zoe Soo Hsien., Chan, Hwa Jiat.

“…We also controlled for firm-specific and macroeconomic variables. The results based on data from 1995-2007, of 25 listed corporations in the Singapore market, indicate that the inclusion of the 3 factors and industrial dummies increased the variance explained in q significantly. …”
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