Value relevance of accounting information: evidence from South Eastern European countries

Pervan, Ivica; Bartulović, Marijana

doi:10.1080/1331677x.2014.947132

Cited by 29 publications

(29 citation statements)

References 11 publications

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“…The results obtained by empirical research are in line with the basic starting point of traditional valuation models, which also value the company based on the growth, risk and profitability of the company. The determination coefficients for both models tested confirm, in the case of the food industry, the correctness of the assumptions that are stated in the literature as drivers of value of companies (Pervan, Bartulović, 2014). The presented results related to the food industry represent a specific upgrade to the previous studies that dealt with this topic considering other industries (Brief, Zarowin P, 1999).…”

Section: Economics Of Agriculturesupporting

confidence: 77%

Value relevance-evidence from food industry

Saković¹,

Ilić²

2018

Ekonomika poljoprivrede

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The aim of the paper is to determine the correlation between the changes in the values of the selected analytical indicators, based on the financial statements and the change in the market value of companies, expressed through the value of the market value multipliers. The focus of research is on companies operating on the European markets within the food industry. The research methodology implies the use of regression analysis where the market multipliers of the selected enterprises will be set as dependent variables, and the analytical indicators are proposed as independent variables. The expected results should indicate the existence of value-relevant information in the financial statements of companies from food industry, which will serve all stakeholders for more efficient decision-making that is related to this industry sector. Data used in the research are acquired from European equity markets.

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Section: Economics Of Agriculturesupporting

confidence: 77%

Value relevance-evidence from food industry

Saković¹,

Ilić²

2018

Ekonomika poljoprivrede

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“…Seperti yang diamati oleh Pirie & Smith (2003), El Shamy & Kayed (2005, Pervan & Bartulovic (2014), Ahmadi & Bouri (2018), dan Bhatia & Mulenga (2019) penemuan dari estimasi nilai buku menyediakan bukti adanya pengaruh positif nilai buku terhadap harga saham. Hasil penelitian ini konsisten dengan hipotesis yang diprediksi dengan t-statistics sebesar 0,6218 dan tingkat signifikansi kurang dari 1%, sehingga dari hasil ini memberikan dukungan terhadap H2.…”

Section: Hasil Dan Pembahasanunclassified

Relevansi Nilai Informasi Akuntansi Pada Laba, Nilai Buku, dan Arus Kas Operasi: Kasus di Perbankan Indonesia

Hadinata

2020

AKTSAR

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<p class="bdabstract">This study aims to examine the relationship between capital markets and accounting information in Indonesian banking. Specifically, this study examines the value relevance of earnings, book values, and operating cash flows. Using a sample of banks listed on the Indonesia Stock Exchange from 2014 to 2018, this study accommodates the documented accounting information in the context of developing markets using stock prices of four months after year-end as a dependent variable. Sampling using a purposive sampling method. This research obtained 35 companies used in this study sample. This study uses panel data regression techniques with the Generalized Least Square (GLS) analysis approach. This study indicates that earnings and book value statistically have a positive effect on stock prices. Meanwhile, operating cash flow has no statistical effect on stock prices. This study also shows that earnings more value-relevant than other variables.</p>

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“…Such studies compare: i) R 2 figures belonging to different accounting regimes (Morais and Curto ; Paananen and Lin ); and ii) R 2 figures by using different accounting items (Demir et al. ; Pervan and Bartulović ). Morais and Curto () compare the R 2 figure belonging to Portuguese GAAP‐based reporting period and the R 2 figure belonging to International Accounting Standards (IAS)/IFRS‐based reporting period, and they conclude that IAS/IFRS‐based reporting is less value relevant than Portuguese GAAP‐based reporting.…”

Section: Selected Literaturementioning

confidence: 99%

“…They also extend their analyses by separately adding each other's comprehensive income item to net income and interpret the corresponding R 2 figures. Pervan and Bartulović () compare the VR of BVE and earnings by obtaining an R 2 figure by using only BVE and another R 2 figure by using only earnings. They conclude that this R 2 difference is significant for three of the five analysed markets at conventional significance levels, which means that BVE is more value relevant than earnings.…”

Section: Selected Literaturementioning

confidence: 99%

How Does Unobserved Heterogeneity Affect Value Relevance?

Ertuğrul

Demir

2018

Australian Accounting Review

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Most value relevance (VR) studies consider an accounting item value relevant if the regression coefficient (RC) of that item is statistically significant. Unobservable heterogeneity leads to biased RCs, interpretation of which generates incorrect inferences. To obtain unbiased RCs, the effect of unobservable heterogeneity on RCs should be mitigated. As two dimensions of unobservable heterogeneity are at the firm level and time level, outcomes with the following unobservable heterogeneity concerns are discussed: i) no fixed-effects (FE); ii) firm FE; iii) time FE; and iv) two-way (firm and time) FE. By employing a sample of Turkish firms from 2005-2014, we report several findings. First, we find that regressions with firm (time) FE yield large (low) RCs vis-à-vis regressions with no FE, and regressions with two-way FE generate balanced RCs compared to the others. Second, we compare RCs with i and iv, and conclude that the book value of equity becomes more value relevant while net income does not after controlling for unobservable heterogeneity. Last, we arbitrarily divide the entire period into two to reveal how unobserved endogeneity affects the comparison of RCs belonging to different periods. Our outcomes robustly reveal that unobserved endogeneity leads to erroneous RC comparisons.

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Value relevance of accounting information: evidence from South Eastern European countries

Cited by 29 publications

References 11 publications

Value relevance-evidence from food industry

Value relevance-evidence from food industry

Relevansi Nilai Informasi Akuntansi Pada Laba, Nilai Buku, dan Arus Kas Operasi: Kasus di Perbankan Indonesia

How Does Unobserved Heterogeneity Affect Value Relevance?

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