The value relevance of earnings and book value at Vietnamese listed enterprises

Q2 Economics, Econometrics and Finance Investment Management and Financial Innovations Pub Date : 2023-05-12 DOI:10.21511/imfi.20(2).2023.16
Tran Quoc Thinh, Nguyen Thi Phung, Tran Khanh Lam
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Abstract

Relevant value is important for information users to make business decisions, and stock prices have an essential relationship to the value relevance about enterprises. The paper aims to investigate the earnings and book value influences on the value relevance of 144 Vietnamese listed enterprises. Selected data are non-financial enterprises with a wide range of industries to ensure representativeness on the Vietnamese stock market. The research implements stakeholder and signaling theory to explain the hypotheses of the model related to earnings per share and book value per share. Time series data are analyzed for three years from 2018 to 2020. The quantitative method is applied to test hypotheses. The results determine that the fixed effects model is suitable. The results also show that the earnings per share positively affect the stock price, but book value per share has a negative impact on the stock price. The paper provides some policy suggestions for investors to make reasonable decisions using relevant information about listed enterprises in Vietnam.
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越南上市企业盈余与账面价值的价值相关性研究
相关价值是信息使用者进行经营决策的重要依据,股票价格与企业的价值相关性有着本质的关系。本文旨在研究144家越南上市企业的盈余和账面价值对价值相关性的影响。所选数据为非金融企业,行业范围广泛,以确保在越南股票市场上的代表性。本研究运用利益相关者和信号理论来解释模型中与每股收益和每股账面价值相关的假设。时间序列数据分析为2018年至2020年三年。采用定量方法对假设进行检验。结果表明,固定效应模型是合适的。结果还表明,每股收益对股价有正向影响,而每股账面价值对股价有负向影响。本文利用越南上市企业的相关信息,为投资者合理决策提供政策建议。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Investment Management and Financial Innovations
Investment Management and Financial Innovations Economics, Econometrics and Finance-Finance
CiteScore
2.50
自引率
0.00%
发文量
99
审稿时长
11 weeks
期刊介绍: The international journal “Investment Management and Financial Innovations” encompasses the results of theoretical and empirical researches carried out both on macro- and micro-levels, concerning various aspects of financial management and corporate governance, investments and innovations (including using of quantitative methods). It is focused on the international community of financiers, both academics and practitioners. Key topics: financial and investment markets; government policy and regulation; corporate governance; information and market efficiency; financial forecasting and simulation; financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds; objects of real and financial investing; financial instruments and derivatives; efficiency of investment projects; econometric and statistic methods in project management; alternative investments; ratings and rating agencies.
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