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The Evolution in Value Relevance of Accounting Measures in Indonesia
Gadjah Mada International Journal of Business Pub Date : 2020-05-21 , DOI: 10.22146/gamaijb.54059 Eko Suwardi
Gadjah Mada International Journal of Business Pub Date : 2020-05-21 , DOI: 10.22146/gamaijb.54059 Eko Suwardi
This paper utilizes the model of share price, which is derived from the valuation model of residual income, to rigorously assess the evolution of value relevance of accounting measures in Indonesia, an emerging market country which has its landscape of equity valuation changed substantially. Using two different approaches, cross sectional and panel regressions, the results indicates a strong linear association between share price and accounting measures. Cross-sectional yearly price regressions provide a strong evidence of non-linear changes on the value relevance of accounting measures over time. Moreover, using panel data analysis, the results of unconditional comparison tests reveal that that the increased value-relevance of the balance sheet would be offset by a reduction of the value-relevance of earnings per share during IFRS regime. It could potentially contribute to explain the decrease in value relevance of accounting numbers during the switchover to IFRS in Indonesia.
中文翻译:
印尼会计政策价值相关性的演变
本文利用从剩余收益的估值模型得出的股价模型,来严格评估会计政策价值相关性的演变。印尼是一个新兴市场国家,其股权估值的格局已发生了巨大变化。使用横截面回归和面板回归这两种不同的方法,结果表明股价与会计计量之间存在很强的线性关联。年度横截面价格回归提供了强有力的证据,证明随着时间的推移,会计计量的价值相关性会发生非线性变化。此外,使用面板数据分析,无条件比较测试的结果表明,在国际财务报告准则制度期间,资产负债表的价值相关性的提高将被每股收益的价值相关性的降低所抵消。
更新日期:2020-05-21
中文翻译:
印尼会计政策价值相关性的演变
本文利用从剩余收益的估值模型得出的股价模型,来严格评估会计政策价值相关性的演变。印尼是一个新兴市场国家,其股权估值的格局已发生了巨大变化。使用横截面回归和面板回归这两种不同的方法,结果表明股价与会计计量之间存在很强的线性关联。年度横截面价格回归提供了强有力的证据,证明随着时间的推移,会计计量的价值相关性会发生非线性变化。此外,使用面板数据分析,无条件比较测试的结果表明,在国际财务报告准则制度期间,资产负债表的价值相关性的提高将被每股收益的价值相关性的降低所抵消。