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Consistency, value relevance and sufficiency of book for market values in five Japanese conglomerates over the period 1950-2004

Citation

Cooke, T and Omura, T and Willett, RJ, Consistency, value relevance and sufficiency of book for market values in five Japanese conglomerates over the period 1950-2004, Abacus: A Journal of Accounting, Finance and Business Studies, 45, (1) pp. 88-123. ISSN 0001-3072 (2009) [Refereed Article]

DOI: doi:10.1111/j.1467-6281.2009.00279.x

Abstract

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 Details

Item Type:Refereed Article
Research Division:Commerce, Management, Tourism and Services
Research Group:Banking, Finance and Investment
Research Field:Banking, Finance and Investment not elsewhere classified
Objective Division:Expanding Knowledge
Objective Group:Expanding Knowledge
Objective Field:Expanding Knowledge in Economics
Author:Willett, RJ (Professor Roger Willett)
ID Code:71262
Year Published:2009
Web of Science® Times Cited:1
Deposited By:Research Division
Deposited On:2011-07-12
Last Modified:2015-02-11
Downloads:0

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