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الرئيسية > THE ROLE OF EARNINGS AND BOOK...>الوصف

THE ROLE OF EARNINGS AND BOOK VALUES UNDER INTERNATIONAL GAAP IN EQUITY VALUATION: THE IMPACT OF NON-OPERATING INCOME LOSSES AND ACCRUALS ECIDENCE FROM THE EMERGING CAPITAL MARKET OF JORDAN

المصدر: المجلة العلمية للاقتصاد والتجارة
الناشر: جامعة عين شمس - كلية التجارة
المؤلف الرئيسي: El Shamy, Mostafa Ahmed (AUTH.)
مؤلفين آخرين: Al Husaini, Walid (AUTH.), El Rajabi, Mohamed T. A. (AUTH.)
المجلد/العدد: ع2
محكمة: نعم
الدولة: مصر
التاريخ الميلادي: 2008
الصفحات: 45 - 63
ISSN: 2636-2562
رقم MD: 664524
نوع المحتوى: بحوث ومقالات
قواعد المعلومات: EcoLink
مواضيع:
المبادئ المحاسبية | الشركات التجارية | الأرباح | الخسائر | الأردن
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المستخلص: This study examines the Jordanian accounting system to assess whether earnings and book values prepared under international GAAP have value relevance for stock prices and thus are relevant in making investment decisions. The study also compares the incremental explanatory power of earnings and book values and examines some conditions under which earnings or book values would explain a relatively higher proportion of the variation of stock prices. The results of yearly cross-sectional regression for a 4- year period spanning 2000 to 2004 using only industrial firms indicate that: (1) operating income and book values jointly and individually are positively and significantly related to stock prices; (2) the incremental information content of operating income is greater than that of book values; (3) operating income for profit firms add more to the overall explanatory of the model than book values while operating income for loss firms do not add any value to the overall explanatory of the model and book value is the only marginally significant explanatory variable of firm value for loss firms, (4) including nonoperating items in earnings reduces its incremental information content., (5) accruals play an important role in the explanatory power of earnings. Net income explains more of the variation of stock prices than cash flow from operations and accruals increases the relative importance of earnings in the valuation model. The empirical results for the non-operating income components question the latest revision of IAS 1 "Presentation of Financial Statements" which omits the requirement in the previous version of the standard to disclose the results of operating activities as a line item on the face of the income statements and prohibits entities from making distinction between ordinary and extraordinary items.
ISSN: 2636-2562

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