Consistency, value relevance and sufficiency of book for market values in five Japanese conglomerates over the period 1950-2004

Cooke, Terence and Omura, Teruyo and Willett, Roger (2009) Consistency, value relevance and sufficiency of book for market values in five Japanese conglomerates over the period 1950-2004. Abacus, 45 (1). pp. 88-123. ISSN 0001-3072

Abstract

Market and accounting data for five Japanese conglomerates, Toyota, Fuji, Sony, Itochu and Sumitomo, are analysed over the period 1950 to 2004. Annual market value is regressed on three accounting and six macroeconomic variables, using a general-to-specific approach to construct simple error correction models for each of the five firms. The results show that in four of the five firms there is evidence of a long-run relationship between market value and the net book value of assets, which can be interpreted, with increasing degrees of strength, as book values being either consistent with, value relevant for, or sufficient for market value.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: Permanent restricted access to paper due to publisher's copyright restrictions.
Depositing User: Dr Teruyo Omura
Faculty / Department / School: Historic - Faculty of Business - School of Accounting, Economics and Finance
Date Deposited: 20 Jan 2011 13:19
Last Modified: 20 Jul 2014 23:23
Uncontrolled Keywords: accounting; values; book value; consistency; market value; value relevance
Fields of Research (FOR2008): 15 Commerce, Management, Tourism and Services > 1501 Accounting, Auditing and Accountability > 150103 Financial Accounting
15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150399 Business and Management not elsewhere classified
14 Economics > 1403 Econometrics > 140305 Time-Series Analysis
Socio-Economic Objective (SEO2008): B Economic Development > 90 Commercial Services and Tourism > 9001 Financial Services > 900101 Finance Services
Identification Number or DOI: doi: 10.1111/j.1467-6281.2009.00279.x
URI: http://eprints.usq.edu.au/id/eprint/9184

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