The value relevance of accounting and financial information: panel data evidence
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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Volume (Year): 14 (2004)
Issue (Month): 17 ()
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References listed on IDEAS
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- Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-1051, September.
- 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.
- Hayne E. Leland and David H. Pyle., 1976.
"Informational Asymmetries, Financial Structure, and Financial Intermediation,"
Research Program in Finance Working Papers
41, University of California at Berkeley.
- Leland, Hayne E & Pyle, David H, 1977. "Informational Asymmetries, Financial Structure, and Financial Intermediation," Journal of Finance, American Finance Association, vol. 32(2), pages 371-387, May.
- Kothari, S. P. & Zimmerman, Jerold L., 1995. "Price and return models," Journal of Accounting and Economics, Elsevier, vol. 20(2), pages 155-192, September.
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