Le ratio market-to-book et la reconnaissance des immatériels – une étude du marché français

Cazavan-Jeny, Anne

doi:10.3917/cca.102.0099

Cited by 33 publications

(29 citation statements)

References 12 publications

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“…Goodwill is also significant for the two sub -periods (pre-and post-fair value) at the conventional threshold of 1%. This result is consistent with studies of Peasnell and Mather (1991), Seethamraju (2003) and Cazavan (2003) which stipulate an existence of a positive and significant correlation between goodwill and stock return. Taken together, the historical cost show clearly that with the application of the principle of fair value only financial assets become insignificant.…”

Section: Multivariate Analysissupporting

confidence: 82%

“…Moreover, until the nineties, research studies in the US prove the existence of a significant association between financial assets and the market value of the company (Hassan, Percy and Jenny Stewart, 2006). For goodwill, research studies have shown the existence of a positive and significant correlation between the accounting data and the stock price and therefore the stock return (Mather and Peasnell 1991;Seethamraju 2003, andCazavan 2003). Therefore, by referring to the above, we will argue that the informational content of accounting data (EPS, EQ, financial assets and goodwill) would be more appropriate under the principle of fair value than the historical cost.…”

Section: Hypotheses Developmentmentioning

confidence: 99%

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Effect of fair value accounting on the company's reputation

Riahi

Khoufi²

2016

IJAES

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The purpose of this paper is to study in the French context the impact of the application of fair value on the shareholder value creation by comparing the information's relevance of accounting indicators of French corporate groups in the industrial sector included in the CAC All-Tradable between pre-fair value period (2001)(2002)(2003) and the post-fair value (2005)(2006)(2007). Using the method of logistic regression permits us to demonstrate, firstly, that the variables of traditional character still retain their rank as key indicators determining stock return whatever the accounting principle relating thereto, and we noticed, on the other hand, that there is a marked improvement in information content of variables if and only they were submitted as understandable and uncomplicated under the model of fair value.

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Section: Multivariate Analysissupporting

confidence: 82%

Section: Hypotheses Developmentmentioning

confidence: 99%

Effect of fair value accounting on the company's reputation

Riahi

Khoufi²

2016

IJAES

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“…Ratio of the total market capitalization (share price times number of outstanding common shares) to book value of net assets, used as a proxy for stock market performance (Sougiannis, 1994;Firer and Williams, 2003;Cazavan-Jeny, 2004 (Lev): measured by the ratio of book value of total assets to book value of common equity (Lev and Sougiannis, 1996).…”

Section: Mbmentioning

confidence: 99%

“…Some studies also focussed on the problem of IC measurement not being recorded in financial statements (Stewart, 1997;Pulic, 1998Pulic, , 2004Gu and Lev, 2003;Chen et al, 2004). Finally, a number of studies were related to the validation of IC in a decision-making context, notably in terms of its usefulness to investors on a capital market (Lev and Sougiannis, 1996;Cazavan-Jeny, 2004;Casta et al, 2005;Lev et al, 2007).…”

Section: Introductionmentioning

confidence: 99%

Analysing value added as an indicator of intellectual capital and its consequences on company performance

Zéghal

Maaloul

2010

Journal of Intellectual Capital

417

365

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Purpose -The purpose of this paper is to analyse the role of value added (VA) as an indicator of intellectual capital (IC), and its impact on the firm's economic, financial and stock market performance. Design/methodology/approach -The value added intellectual coefficient (VAICe) method is used on 300 UK companies divided into three groups of industries: high-tech, traditional and services. Data require to calculate VAICe method are obtained from the "Value Added Scoreboard" provided by the UK Department of Trade and Industry (DTI). Empirical analysis is conducted using correlation and linear multiple regression analysis. Findings -The results show that companies' IC has a positive impact on economic and financial performance. However, the association between IC and stock market performance is only significant for high-tech industries. The results also indicate that capital employed remains a major determinant of financial and stock market performance although it has a negative impact on economic performance. Practical implications -The VAICe method could be an important tool for many decision makers to integrate IC in their decision process. Originality/value -This is the first research which has used the data on VA recently calculated and published by the UK DTI in the "Value Added Scoreboard". This paper constitutes therefore a kind of validation of the ministry data.

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“…Previous studies have provided statistical evidence that the market attaches relevance to the goodwill recognized by companies, such as those from Jennings et al (1996), Henning et al (2000), Godfrey and Koh (2001), Dahmash et al (2009), Oliveira et al (2010), and Cazavan-Jeny (2004.…”

Section: Goodwill Per Sharementioning

confidence: 99%

Value Relevance vis-à-vis Disclosure on Business Combinations and Goodwill Recognized by Publicly Traded Brazilian Companies

Souza

Borba

2016

Rev. contab. finanç.

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The objective of this study is to examine the value relevance of the level of disclosure on business combinations and goodwill recognized by publicly traded Brazilian companies. The research sample is composed of publicly traded Brazilian companies that carried out any type of business combination, as the acquiring entity, between 2010 and 2013, yielding a total sample of 202 observations. To measure the disclosure level of each, a metric was created based on CPC-15 R1 (2011) to examine certain disclosure items in order to render a greater level of detail. Data collection was carried out using the footnotes to the annual consolidated standardized financial statements (DFPs) available from the São Paulo Stock Exchange (BM&FBOVESPA) website. The results revealed that disclosure levels for business combinations are positively and significantly associated with the stock price of the companies analyzed. As to the recognition of goodwill during business combinations, despite the fact that it represents a significant share of the value of the transactions, no statistical significance explaining stock price behavior was found. It also bears mentioning that the average level of disclosure identified in the explanatory notes in the sample was very low, indicating that companies need to improve when it comes to transparency of information.

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Le ratio market-to-book et la reconnaissance des immatériels – une étude du marché français

Cited by 33 publications

References 12 publications

Effect of fair value accounting on the company's reputation

Effect of fair value accounting on the company's reputation

Analysing value added as an indicator of intellectual capital and its consequences on company performance

Value Relevance vis-à-vis Disclosure on Business Combinations and Goodwill Recognized by Publicly Traded Brazilian Companies

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