文章基本信息

标题：Perception of negative earnings persistence and value relevance: Evidence from Zimbabwe
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作者：Atanas Sixpence ; Olufemi Patrick Adeyeye ; Vassilios Papavassiliou 等
期刊名称：Cogent Economics & Finance
电子版ISSN：2332-2039
出版年度：2018
卷号：6
期号：1
DOI：10.1080/23322039.2018.1559711
出版社：Taylor and Francis Ltd
摘要：This paper investigates the impact of negative earnings persistence on the value relevance of earnings before interest and taxes (EBIT) and book values for 27 non-financial firms listed on the Zimbabwe Stock Exchange (ZSE). Negative earnings are perceived to be persistent where firms reported losses in at least 25% of the time over the eight-year study period. Two-step System GMM was used, with the average debt-equity ratio and net asset value per share being additional regression instruments. The regressions were primarily done on the ZSE full sample, and then on a profit-reporting firms’ sample. The loss-reporting firms’ sample was too small for meaningful regressions. It was found that when loss-firms were removed from the sample, value relevance of EBIT and book value declined. This means that investors are very meticulous with firms they perceive to be persistent loss-makers but tend to be complacent with profit-firms.
关键词：value relevance ; negative earnings persistence ; book value ; EBIT; Zimbabwe