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Titolo:
The effect of growth on the value relevance of accounting data
Autore:
Frank, K;
Indirizzi:
Univ Nevada, Coll Business, Dept Accounting, Las Vegas, NV 89154 USA Univ Nevada Las Vegas NV USA 89154 pt Accounting, Las Vegas, NV 89154 USA
Titolo Testata:
JOURNAL OF BUSINESS RESEARCH
fascicolo: 1, volume: 55, anno: 2002,
pagine: 69 - 78
SICI:
0148-2963(200201)55:1<69:TEOGOT>2.0.ZU;2-I
Fonte:
ISI
Lingua:
ENG
Soggetto:
INVESTMENT OPPORTUNITY SET; COMPENSATION POLICIES; EARNINGS; ASSOCIATION; DIVIDEND; RETURNS;
Keywords:
price; firm growth; growth firms; growth profiles;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
--discip_BC--
Citazioni:
15
Recensione:
Indirizzi per estratti:
Indirizzo: Frank, K Univ Nevada, Coll Business, Dept Accounting, Box 456003,4505 Maryland Pkwy, Las Vegas, NV 89154 USA Univ Nevada Box 456003,4505 Maryland Pkwy Las Vegas NV USA 89154
Citazione:
K. Frank, "The effect of growth on the value relevance of accounting data", J BUS RES, 55(1), 2002, pp. 69-78

Abstract

The degree to which accounting data is useful for valuation purposes and how this relevance may vary across firms is of considerable interest to the financial reporting community. One potential influence on the relationship between accounting information and price is firm growth potential, however how growth affects the usefulness of accounting data in a valuation contextis not well established. This paper examines the relationship between accounting information and security price across firm growth. A sample of 6164 observations is sorted into five growth portfolios based on analyst forecasts. The value relevance of accounting data is found to be significantly higher for low-growth firms relative to high-growth firms. This finding suggests that growth has a negative impact on the value relevance of accounting information. Additional analysis shows that this finding is robust to alternate measures of growth and is not driven by systematic differences in size across growth profiles. (C) 2001 Elsevier Science Inc. All rights reserved.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 12/12/19 alle ore 15:22:06