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The value relevance of accounting and financial information: panel data evidence

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  • Samy Ben Naceur
  • Mohamed Goaied

Abstract

The value-relevance of the major corporate financial variables for Tunisian listed companies is investigated using a levels-based approach. The theoretical background of the paper is based on Ohlson's work (Contemporary Accounting Research, 11(2), 661-87, 1995) and Rees' empirical paper (Journal of Business, Finance and Economics, 24, 1111-40, 1997). This paper reports that earnings and book value are value-relevant. It is found that dividend policy is a signalling device for Tunisian companies but debt and investment policies are not value-relevant. The results of segmentation by capitalization show that dividend policy is value-relevant only for smaller firms. The dividend coefficient is considerably larger for the medium ROE group and the book value variable is most influential when return on equity is abnormally high.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Financial Economics.

Volume (Year): 14 (2004)
Issue (Month): 17 ()
Pages: 1219-1224

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Handle: RePEc:taf:apfiec:v:14:y:2004:i:17:p:1219-1224

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  1. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411.
  2. Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-51, September.
  3. Kothari, S. P. & Zimmerman, Jerold L., 1995. "Price and return models," Journal of Accounting and Economics, Elsevier, vol. 20(2), pages 155-192, September.
  4. Leland, Hayne E & Pyle, David H, 1977. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Journal of Finance, American Finance Association, vol. 32(2), pages 371-87, May.
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Cited by:
  1. Fabrizio Mattesini & Leonardo Becchetti, 2009. "The stock market and the Fed," Applied Financial Economics, Taylor & Francis Journals, vol. 19(2), pages 99-110.
  2. Jugnu Ansari & Ashima Goyal, 2014. "Banks competition, managerial efficiency and the interest rate pass-through in India," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2014-007, Indira Gandhi Institute of Development Research, Mumbai, India.
  3. Tswei, Keshin, 2013. "Is transaction price more value relevant compared to accounting information? An investigation of a time-series approach," Pacific-Basin Finance Journal, Elsevier, vol. 21(1), pages 1062-1078.
  4. Chikashi Tsuji, 2006. "Does EVA beat earnings and cash flow in Japan?," Applied Financial Economics, Taylor & Francis Journals, vol. 16(16), pages 1199-1216.
  5. Mariarosaria Agostino & Danilo Drago & Damiano Silipo, 2011. "The value relevance of IFRS in the European banking industry," Review of Quantitative Finance and Accounting, Springer, vol. 36(3), pages 437-457, April.

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