LIFE CYCLE EFFECT ON THE VALUE RELEVANCE OF RISK MEASURES AND PERFORMANCE MEASURES

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KARAMI GH.R.; OMRANI HAMED

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Paper Information

Journal: Financial Accounting Research Year:2010 | Volume:2 | Issue:3 (5) Page(s): 49-63

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Information Journal Paper

Title

LIFE CYCLE EFFECT ON THE VALUE RELEVANCE OF RISK MEASURES AND PERFORMANCE MEASURES

Author(s)

KARAMI GH.R. | OMRANI HAMED | Issue Writer Certificate

Keywords

CORPORATE LIFE-CYCLEQ2

RISK MEASURESQ2

PERFORMANCE MEASURESQ3

INCREMENTAL EXPLANATORY POWERQ3

VALUE RELEVANCEQ3

Abstract

The main goal of this paper is to investigate life cycle effect on the VALUE RELEVANCE of RISK MEASURES and PERFORMANCE MEASURES. To test the research hypotheses, first, sample firms were classified into three life-cycle stages (Growth, Mature and Decline). Then, using regression models and Vuong's Z-statistic the hypotheses were tested. In this study, the financial data of 74 firms which are listed in Tehran’s Stock Exchange (TSE) for the period of 2001 to 2007 (518 firm-years) are tested. The results show that in different life cycle stages the VALUE RELEVANCE of RISK MEASURES and PERFORMANCE MEASURES and the INCREMENTAL EXPLANATORY POWER of RISK MEASURES have significant difference. Moreover, the results of Vuong's Z-statistic show that in growth stage the INCREMENTAL EXPLANATORY POWER of RISK MEASURES is significantly higher than other stages, and in mature stage the opposite is true.

Cites

References

INVESTIGATING THE VALUE RELEVANCE OF CASH AND ACCRUALS COMPONENTS OF ACCOUNTING EARNINGS

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APA: Copy

KARAMI, GH.R., & OMRANI, HAMED. (2010). LIFE CYCLE EFFECT ON THE VALUE RELEVANCE OF RISK MEASURES AND PERFORMANCE MEASURES. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, 2(3 (5)), 49-63. SID. https://sid.ir/paper/155084/en

Vancouver: Copy

KARAMI GH.R., OMRANI HAMED. LIFE CYCLE EFFECT ON THE VALUE RELEVANCE OF RISK MEASURES AND PERFORMANCE MEASURES. JOURNAL OF FINANCIAL ACCOUNTING RESEARCH[Internet]. 2010;2(3 (5)):49-63. Available from: https://sid.ir/paper/155084/en

IEEE: Copy

GH.R. KARAMI, and HAMED OMRANI, “LIFE CYCLE EFFECT ON THE VALUE RELEVANCE OF RISK MEASURES AND PERFORMANCE MEASURES,” JOURNAL OF FINANCIAL ACCOUNTING RESEARCH, vol. 2, no. 3 (5), pp. 49–63, 2010, [Online]. Available: https://sid.ir/paper/155084/en

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