Configurational analysis of accounting numbers relevance in an emerging market: Beyond the value relevance model[Analyse configurationnelle de la pertinence des chiffres comptables sur un marché émergent : Au-delà du modèle de value relevance]

This article examines the utility of accounting numbers in explaining the share price of the 39 companies listed on the Bourse Régionale des Valeurs Mobilières d'Abidjan (BRVM) from 2008 to 2014, first by "value relevance" models and second within a configurational perspective by Qualitative Comparative Analysis (QCA). The analysis highlights the efficiency of accounting numbers including earnings per share, dividends and equity book value. However, taking into consideration the political crisis (2011) in Côte d'Ivoire led to nuancing these results. This paper contributes to the "value relevance" literature by showing the share price as the result of a variety of configurations of accounting numbers. The QCA, helping to argue the relevance of the combination of accounting numbers, not accounting numbers in isolation, allows us to offer a new understanding of share price. Thus, the QCA reinforces and complements "value relevance" models.