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

Sami Ben Naceur () and Mohamed Goaied

Applied Financial Economics, 2004, vol. 14, issue 17, pages 1219-1224

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.

Date: 2004
View list of references View citations in EconPapers

Downloads: (external link)
http://taylorandfrancis.metapress.com/link.asp?tar ... &id=BP7W8F3B3M4H3WT8 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:taf:apfiec:v:14:y:2004:i:17:p:1219-1224

Ordering information: This journal article can be ordered from
http://www.tandf.co.uk/journals/subscription.html

Access Statistics for this article

Applied Financial Economics is edited by Mark P. Taylor

More articles in Applied Financial Economics from Taylor and Francis Journals
Series data maintained by Christopher F. Baum ().