IDEAS home Printed from https://ideas.repec.org/p/hal/journl/halshs-00558252.html
   My bibliography  Save this paper

Typologie des déterminants comptables de la valeur : Apports de l'approche économique de l'information dans la mesure de la valeur

Author

Listed:
  • Mohamed Sellami

    (GREG - CRC - Groupe de recherche en économie et en gestion - Centre de recherche en comptabilité - CNAM - Conservatoire National des Arts et Métiers [CNAM])

Abstract

L'objet de cet article est de réaliser une revue des études empiriques d'évaluation conduisant à la proposition d'une typologie permettant de retracer les différentes orientations de mesure de la valeur à partir des déterminants comptables. La recherche d'un « soubassement théorique » aux modèles de mesure de la valeur a été mise en avant suite aux critiques adressées à l'approche utilitaire de l'information (décalage entre les événements comptables et économiques, comportement de prudence, cadre méthodologique « flou », etc.). Notre analyse met en exergue, suite aux travaux pionniers de Ohlson et Feltham et Ohlson, les apports de l'approche économique de l'information dans l'étude de la pertinence des déterminants comptables de la valeur. La réconciliation de l'approche économique de l'information avec l'approche utilitaire de l'information semble dégager la recherche comptable de l'impasse d'un « soubassement théorique » de mesure de la valeur.

Suggested Citation

  • Mohamed Sellami, 2006. "Typologie des déterminants comptables de la valeur : Apports de l'approche économique de l'information dans la mesure de la valeur," Post-Print halshs-00558252, HAL.
    • Handle: RePEc:hal:journl:halshs-00558252
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00558252
    as

    Download full text from publisher

    File URL: https://shs.hal.science/halshs-00558252/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Beneish, Messod D & Harvey, Campbell R, 1998. "Measurement Error and Nonlinearity in the Earnings-Returns Relation," Review of Quantitative Finance and Accounting, Springer, vol. 11(3), pages 219-247, November.
    2. Ali, A & Zarowin, P, 1992. "The Role Of Earnings Levels In Annual Earnings Returns Studies," Journal of Accounting Research, Wiley Blackwell, vol. 30(2), pages 286-296.
    3. Freeman, Rn & Tse, Sy, 1992. "A Nonlinear Model Of Security Price Responses To Unexpected Earnings," Journal of Accounting Research, Wiley Blackwell, vol. 30(2), pages 185-209.
    4. Kothari, S. P., 1992. "Price-earnings regressions in the presence of prices leading earnings : Earnings level versus change specifications and alternative deflators," Journal of Accounting and Economics, Elsevier, vol. 15(2-3), pages 173-202, August.
    5. Liu, J & Thomas, J, 2000. "Stock returns and accounting earnings," Journal of Accounting Research, Wiley Blackwell, vol. 38(1), pages 71-101.
    6. Ohlson, Ja & Shroff, Pk, 1992. "Changes Versus Levels In Earnings As Explanatory Variables For Returns - Some Theoretical Considerations," Journal of Accounting Research, Wiley Blackwell, vol. 30(2), pages 210-226.
    7. Morse, D, 1981. "Price And Trading Volume Reaction Surrounding Earnings Announcements - A Closer Examination," Journal of Accounting Research, Wiley Blackwell, vol. 19(2), pages 374-383.
    8. Beaver, Wh, 1968. "Information Content Of Annual Earnings Announcements," Journal of Accounting Research, Wiley Blackwell, vol. 6, pages 67-92.
    9. Kothari, S. P., 2001. "Capital markets research in accounting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 105-231, September.
    10. James A. Ohlson, 1991. "The theory of value and earnings, and an introduction to the Ball†Brown analysis," Contemporary Accounting Research, John Wiley & Sons, vol. 8(1), pages 1-19, September.
    11. Kothari, S. P. & Sloan, Richard G., 1992. "Information in prices about future earnings : Implications for earnings response coefficients," Journal of Accounting and Economics, Elsevier, vol. 15(2-3), pages 143-171, August.
    12. Beaver, William H. & Griffin, Paul A. & Landsman, Wayne R., 1982. "The incremental information content of replacement cost earnings," Journal of Accounting and Economics, Elsevier, vol. 4(1), pages 15-39, July.
    13. Freeman, Rn, 1983. "Alternative Measures Of Profit Margin - An Empirical-Study Of The Potential Information-Content Of Current Cost Accounting," Journal of Accounting Research, Wiley Blackwell, vol. 21(1), pages 42-64.
    14. Judith Saghroun, 2003. "Le résultat comptable : conception par les normalisateurs et perception par les analystes financiers," ACCRA, Association francophone de comptabilité, vol. 9(2), pages 81-108.
    15. Imhoff, Ea & Lobo, Gj, 1984. "Information-Content Of Analysts Composite Forecast Revisions," Journal of Accounting Research, Wiley Blackwell, vol. 22(2), pages 541-554.
    16. Dechow, Patricia M., 1994. "Accounting earnings and cash flows as measures of firm performance : The role of accounting accruals," Journal of Accounting and Economics, Elsevier, vol. 18(1), pages 3-42, July.
    17. Kothari, S.P., 1992. "Price-Earnings Regressions in the Presence of prices Leading Earnings: Earnings Level Versus Change Specifications and Alternative Deflators," Papers 92-10, Rochester, Business - Financial Research and Policy Studies.
    18. Bublitz, B & Frecka, Tj & Mckeown, Jc, 1985. "Market Association Tests And Fasb Statement No 33 Disclosures - A Reexamination," Journal of Accounting Research, Wiley Blackwell, vol. 23, pages 1-23.
    19. Harris, Ts & Lang, M & Moller, Hp, 1994. "The Value Relevance Of German Accounting Measures - An Empirical-Analysis," Journal of Accounting Research, Wiley Blackwell, vol. 32(2), pages 187-209.
    20. Judith Saghroun, 2003. "Le résultat comptable : conception par les normalisateurs et perception par les analystes financiers," Post-Print hal-01755798, HAL.
    21. Hagerman, Rl & Zmijewski, Me & Shah, P, 1984. "The Association Between The Magnitude Of Quarterly Earnings Forecast Errors And Risk-Adjusted Stock Returns," Journal of Accounting Research, Wiley Blackwell, vol. 22(2), pages 526-540.
    22. Dhaliwal, Dan & Subramanyam, K. R. & Trezevant, Robert, 1999. "Is comprehensive income superior to net income as a measure of firm performance?1," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 43-67, January.
    23. Lev, B & Thiagarajan, Sr, 1993. "Fundamental Information Analysis," Journal of Accounting Research, Wiley Blackwell, vol. 31(2), pages 190-215.
    24. Rayburn, J, 1986. "The Association Of Operating Cash Flow And Accruals With Security Returns," Journal of Accounting Research, Wiley Blackwell, vol. 24, pages 112-133.
    25. Easton, Peter D. & Harris, Trevor S. & Ohlson, James A., 1992. "Aggregate accounting earnings can explain most of security returns : The case of long return intervals," Journal of Accounting and Economics, Elsevier, vol. 15(2-3), pages 119-142, August.
    26. Teets, Walter R. & Wasley, Charles E., 1996. "Estimating earnings response coefficients: Pooled versus firm-specific models," Journal of Accounting and Economics, Elsevier, vol. 21(3), pages 279-295, June.
    27. Beaver, William & Lambert, Richard & Morse, Dale, 1980. "The information content of security prices," Journal of Accounting and Economics, Elsevier, vol. 2(1), pages 3-28, March.
    28. Pascal Dumontier & Bernard Raffournier, 2002. "Accounting and capital markets: a survey of the European evidence," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 119-151.
    29. Martin Walker, 1997. "Clean Surplus Accounting Models and Market-based Accounting Research: A Review," Accounting and Business Research, Taylor & Francis Journals, vol. 27(4), pages 341-355.
    30. Collins, Daniel W. & Kothari, S. P. & Rayburn, Judy Dawson, 1987. "Firm size and the information content of prices with respect to earnings," Journal of Accounting and Economics, Elsevier, vol. 9(2), pages 111-138, July.
    31. Ball, Ray & Kothari, S. P. & Robin, Ashok, 2000. "Corrigendum to "The effect of international institutional factors on properties of accounting earnings"; [Journal of Accounting and Economics 29 (2000) 1-51]," Journal of Accounting and Economics, Elsevier, vol. 30(2), pages 241-241, October.
    32. Board, Jlg & Walker, M, 1990. "Intertemporal And Cross-Sectional Variation In The Association Between Unexpected Accounting Rates Of Return And Abnormal Returns," Journal of Accounting Research, Wiley Blackwell, vol. 28(1), pages 182-192.
    33. Firth, M, 1981. "The Relative Information-Content Of The Release Of Financial Results Data By Firms," Journal of Accounting Research, Wiley Blackwell, vol. 19(2), pages 521-529.
    34. David Prentice, 2017. "Announcement," Economic Papers, The Economic Society of Australia, vol. 36(2), pages 103-103, June.
    35. Judith Saghroun, 2003. "Le résultat comptable : conception par les normalisateurs et perception par les analystes financiers," Comptabilité - Contrôle - Audit, Association francophone de comptabilité, vol. 9(2), pages 81-108.
    36. Hoskin, Re & Hughes, Js & Ricks, We, 1986. "Evidence On The Incremental Information-Content Of Additional Firm Disclosures Made Concurrently With Earnings," Journal of Accounting Research, Wiley Blackwell, vol. 24, pages 1-32.
    37. Nikos Vafeas & Lenos Trigeorgis & Xenia Georgiou, 1998. "The usefulness of earnings in explaining stock returns in an emerging market: the case of Cyprus," European Accounting Review, Taylor & Francis Journals, vol. 7(1), pages 105-124.
    38. Ball, Ray, 1992. "The earnings-price anomaly," Journal of Accounting and Economics, Elsevier, vol. 15(2-3), pages 319-345, August.
    39. Jacobson, Robert, 1987. "The Validity of ROI as a Measure of Business Performance," American Economic Review, American Economic Association, vol. 77(3), pages 470-478, June.
    40. Kormendi, Roger & Lipe, Robert, 1987. "Earnings Innovations, Earnings Persistence, and Stock Returns," The Journal of Business, University of Chicago Press, vol. 60(3), pages 323-345, July.
    41. Brown, Stephen & Lo, Kin & Lys, Thomas, 1999. "Use of R2 in accounting research: measuring changes in value relevance over the last four decades," Journal of Accounting and Economics, Elsevier, vol. 28(2), pages 83-115, December.
    42. Beaver, William H. & Lambert, Richard A. & Ryan, Stephen G., 1987. "The information content of security prices : A second look," Journal of Accounting and Economics, Elsevier, vol. 9(2), pages 139-157, July.
    43. Denis Cormier & Michel Magnan & Bernard Morard, 2000. "The contractual and value relevance of reported earnings in a dividend-focused environment," European Accounting Review, Taylor & Francis Journals, vol. 9(3), pages 387-417.
    44. Hopwood, Ws & Mckeown, Jc, 1985. "The Incremental Informational Content Of Interim Expenses Over Interim Sales," Journal of Accounting Research, Wiley Blackwell, vol. 23(1), pages 161-174.
    45. Holthausen, Robert W. & Watts, Ross L., 2001. "The relevance of the value-relevance literature for financial accounting standard setting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 3-75, September.
    46. Grant, Eb, 1980. "Market Implications Of Differential Amounts Of Interim Information," Journal of Accounting Research, Wiley Blackwell, vol. 18(1), pages 255-268.
    47. Lustgarten, Steven, 1982. "The impact of replacement cost disclosure on security prices : New Evidence," Journal of Accounting and Economics, Elsevier, vol. 4(2), pages 121-141, October.
    48. Michel Albouy & Gérard Charreaux, 2005. "La finance comportementale ou l'émergence d'un nouveau paradigme dominant ?," Revue française de gestion, Lavoisier, vol. 157(4), pages 139-143.
    49. McNichols, Maureen & Manegold, James G., 1983. "The effect of the information environment on the relationship between financial disclosure and security price variability," Journal of Accounting and Economics, Elsevier, vol. 5(1), pages 49-74, April.
    50. Rémi Janin, 2002. "Les contenus informationnels respectifs du résultat net et des indicateurs de flux de trésorerie dans le contexte français," Comptabilité - Contrôle - Audit, Association francophone de comptabilité, vol. 8(2), pages 69-85.
    51. Ou, Jane A. & Penman, Stephen H., 1989. "Financial statement analysis and the prediction of stock returns," Journal of Accounting and Economics, Elsevier, vol. 11(4), pages 295-329, November.
    52. Wilson, Gp, 1986. "The Relative Information-Content Of Accruals And Cash Flows - Combined Evidence At The Earnings Announcement And Annual-Report Release Date," Journal of Accounting Research, Wiley Blackwell, vol. 24, pages 165-200.
    53. Ball, Ray & Kothari, S. P. & Robin, Ashok, 2000. "The effect of international institutional factors on properties of accounting earnings," Journal of Accounting and Economics, Elsevier, vol. 29(1), pages 1-51, February.
    54. Ball, R & Brown, P, 1968. "Empirical Evaluation Of Accounting Income Numbers," Journal of Accounting Research, Wiley Blackwell, vol. 6(2), pages 159-178.
    55. Jean-Francois Gajewski & Bertrand Quere, 2001. "The information content of earnings and turnover announcements in France," European Accounting Review, Taylor & Francis Journals, vol. 10(4), pages 679-704.
    56. Francis, J & Schipper, K, 1999. "Have financial statements lost their relevance?," Journal of Accounting Research, Wiley Blackwell, vol. 37(2), pages 319-352.
    57. Subramanyam, K. R., 1996. "The pricing of discretionary accruals," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 249-281, October.
    58. Kiger, Je, 1972. "Empirical Investigation Of Nyse Volume And Price Reactions To Announcement Of Quarterly Earnings," Journal of Accounting Research, Wiley Blackwell, vol. 10(1), pages 113-128.
    59. Ajinkya, Bb & Gift, Mj, 1984. "Corporate Managers Earnings Forecasts And Symmetrical Adjustments Of Market Expectations," Journal of Accounting Research, Wiley Blackwell, vol. 22(2), pages 425-444.
    60. Basu, Sudipta, 1997. "The conservatism principle and the asymmetric timeliness of earnings," Journal of Accounting and Economics, Elsevier, vol. 24(1), pages 3-37, December.
    61. Ohlson, James A., 1989. "Ungarbled earnings and dividends : An analysis and extension of the Beaver, Lambert, and Morse valuation model," Journal of Accounting and Economics, Elsevier, vol. 11(2-3), pages 109-115, July.
    62. Dechow, Patricia M. & Hutton, Amy P. & Sloan, Richard G., 1999. "An empirical assessment of the residual income valuation model1," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 1-34, January.
    63. Magliolo, J, 1986. "Capital-Market Analysis Of Reserve Recognition Accounting," Journal of Accounting Research, Wiley Blackwell, vol. 24, pages 69-108.
    64. Jacobson, Robert & Aaker, David, 1993. "Myopic management behavior with efficient, but imperfect, financial markets : A comparison of information asymmetries in the U.S. and Japan," Journal of Accounting and Economics, Elsevier, vol. 16(4), pages 383-405, October.
    65. Butterwo.Je, 1972. "Accounting System As An Information Function," Journal of Accounting Research, Wiley Blackwell, vol. 10(1), pages 1-27.
    66. Collins, Daniel W. & Kothari, S. P., 1989. "An analysis of intertemporal and cross-sectional determinants of earnings response coefficients," Journal of Accounting and Economics, Elsevier, vol. 11(2-3), pages 143-181, July.
    67. Collins, Daniel W. & Kothari, S. P. & Shanken, Jay & Sloan, Richard G., 1994. "Lack of timeliness and noise as explanations for the low contemporaneuos return-earnings association," Journal of Accounting and Economics, Elsevier, vol. 18(3), pages 289-324, November.
    68. Bamber, Ls, 1986. "The Information-Content Of Annual Earnings Releases - A Trading Volume Approach," Journal of Accounting Research, Wiley Blackwell, vol. 24(1), pages 40-56.
    69. James A. Ohlson, 1990. "A Synthesis of security valuation theory and the role of dividends, cash flows, and earnings," Contemporary Accounting Research, John Wiley & Sons, vol. 6(2), pages 648-676, March.
    70. Francis, J & Olsson, P & Oswald, DR, 2000. "Comparing the accuracy and explainability of dividend, free cash flow, and abnormal earnings equity value estimates," Journal of Accounting Research, Wiley Blackwell, vol. 38(1), pages 45-70.
    71. Florin Aftalion, 2005. "Le MEDAF et la finance comportementale," Revue française de gestion, Lavoisier, vol. 157(4), pages 203-214.
    72. Ali, Ashiq & Zarowin, Paul, 1992. "Permanent versus transitory components of annual earnings and estimation error in earnings response coefficients," Journal of Accounting and Economics, Elsevier, vol. 15(2-3), pages 249-264, August.
    73. Freeman, Robert N., 1987. "The association between accounting earnings and security returns for large and small firms," Journal of Accounting and Economics, Elsevier, vol. 9(2), pages 195-228, July.
    74. Fried, Dov & Givoly, Dan, 1982. "Financial analysts' forecasts of earnings : A better surrogate for market expectations," Journal of Accounting and Economics, Elsevier, vol. 4(2), pages 85-107, October.
    75. Lev, B & Ohlson, Ja, 1982. "Market-Based Empirical-Research In Accounting - A Review, Interpretation, And Extension," Journal of Accounting Research, Wiley Blackwell, vol. 20, pages 249-322.
    76. Easton, Pd, 1985. "Accounting Earnings And Security Valuation - Empirical-Evidence Of The Fundamental Links," Journal of Accounting Research, Wiley Blackwell, vol. 23, pages 54-77.
    77. Pervin K. Shroff, 2002. "The Relation between Aggregate Earnings and Security Returns over Long Intervals," Contemporary Accounting Research, John Wiley & Sons, vol. 19(1), pages 147-164, March.
    78. Pascal Dumontier & Real Labelle, 1998. "Accounting earnings and firm valuation: the French case," European Accounting Review, Taylor & Francis Journals, vol. 7(2), pages 163-183.
    79. Lev, B & Zarowin, P, 1999. "The boundaries of financial reporting and how to extend them," Journal of Accounting Research, Wiley Blackwell, vol. 37(2), pages 353-385.
    80. Thomas Plenborg, 1998. "A comparison of the information content of US and Danish earnings," European Accounting Review, Taylor & Francis Journals, vol. 7(1), pages 41-63.
    81. Ohlson, James A., 1979. "On financial disclosure and the behavior of security prices," Journal of Accounting and Economics, Elsevier, vol. 1(3), pages 211-232, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kothari, S. P., 2001. "Capital markets research in accounting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 105-231, September.
    2. S. P. Kothari & Charles Wasley, 2019. "Commemorating the 50‐Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past 50 Years," Journal of Accounting Research, Wiley Blackwell, vol. 57(5), pages 1117-1159, December.
    3. Pascal Dumontier & Bernard Raffournier, 2002. "Accounting and capital markets: a survey of the European evidence," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 119-151.
    4. Brown, Lawrence D., 1996. "Influential accounting articles, individuals, Ph.D. granting institutions and faculties: A citational analysis," Accounting, Organizations and Society, Elsevier, vol. 21(7-8), pages 723-754.
    5. Kothari, S. P. & Zimmerman, Jerold L., 1995. "Price and return models," Journal of Accounting and Economics, Elsevier, vol. 20(2), pages 155-192, September.
    6. Hannu, Schadewitz, 1997. "Financial and nonfinancial information in interim reports: Determinants and implications," MPRA Paper 44292, University Library of Munich, Germany.
    7. Dechow, Patricia & Ge, Weili & Schrand, Catherine, 2010. "Understanding earnings quality: A review of the proxies, their determinants and their consequences," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 344-401, December.
    8. Filip, Andrei & Raffournier, Bernard, 2010. "The value relevance of earnings in a transition economy: The case of Romania," The International Journal of Accounting, Elsevier, vol. 45(1), pages 77-103, March.
    9. Gil Sadka, 2007. "Understanding Stock Price Volatility: The Role of Earnings," Journal of Accounting Research, Wiley Blackwell, vol. 45(1), pages 199-228, March.
    10. Ray Ball & Lakshmanan Shivakumar, 2008. "How Much New Information Is There in Earnings?," Journal of Accounting Research, Wiley Blackwell, vol. 46(5), pages 975-1016, December.
    11. Misund, Bård & Asche, Frank & Osmundsen, Petter, 2008. "Industry upheaval and valuation: Empirical evidence from the international oil and gas industry," The International Journal of Accounting, Elsevier, vol. 43(4), pages 398-424, December.
    12. Pascal Dumontier & Real Labelle, 1998. "Accounting earnings and firm valuation: the French case," European Accounting Review, Taylor & Francis Journals, vol. 7(2), pages 163-183.
    13. Tayeb Saadi, 2007. "EVA Vs. résultat net : Quel contenu informationnel dans le contexte français ?," Post-Print halshs-00544950, HAL.
    14. Tayeb Saadi, 2010. "Contenus Informationnels Du Resultat Net Et Des Capitaux Propres : Quelle Pertinence Apres L'Introduction Des Normes Ifrs : Le Cas De La France," Post-Print hal-00481550, HAL.
    15. repec:mth:ijafr8:v:8:y:2018:i:2:p:126-151 is not listed on IDEAS
    16. Ruey S. Tsay & Yi-Mien Lin & Hsiao-Wen Wang, 2009. "Residual income, non-earnings information, and information content," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 28(6), pages 487-511.
    17. Fargher, Neil & Wee, Marvin, 2019. "The impact of Ball and Brown (1968) on generations of research," Pacific-Basin Finance Journal, Elsevier, vol. 54(C), pages 55-72.
    18. Martin Wallmeier, 2009. "Kapitalmarktwirkungen der Berichterstattung zur Unternehmensleistung," Schmalenbach Journal of Business Research, Springer, vol. 61(2), pages 212-224, March.
    19. Helena Isidro & José G. Dias, 2017. "Earnings quality and the heterogeneous relation between earnings and stock returns," Review of Quantitative Finance and Accounting, Springer, vol. 49(4), pages 1143-1165, November.
    20. Mohamed Naceur Mahjoubi & Ezzeddine Abaoub, 2015. "Earnings Response Coefficient as a Measure of Market Expectations: Evidence from Tunis Stock Exchange," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 377-389.
    21. Gary C. Biddle & Gim S. Seow & Andrew F. Siegel, 1995. "Relative versus Incremental Information Content," Contemporary Accounting Research, John Wiley & Sons, vol. 12(1), pages 1-23, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00558252. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.