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
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Official URL: http://dx.doi.org/10.1111/j.1467-6281.2009.00279.x
Identification Number or DOI: doi: 10.1111/j.1467-6281.2009.00279.x
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.
|Item Type:||Article (Commonwealth Reporting Category C)|
|Additional Information:||Permanent restricted access to paper due to publisher's copyright restrictions.|
|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 Ecomonic Development > 90 Commercial Services and Tourism > 9001 Financial Services > 900101 Finance Services|
|Deposited On:||20 Jan 2011 23:19|
|Last Modified:||06 Dec 2011 14:21|
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