Searching for value relevance of book value and earnings: a case of premium vs. discount firms

We examine the premium/discount firm characteristic that fundamentally affects the value relevance of two key accounting line items, earnings and book values. We argue that from the perspective of both the residual income and option-style valuation models, the relative valuation roles of earnings and book values differ fundamentally between firms that trade at a premium vis-à-vis discount to book value. We find that book values play a significantly more important role in equity valuation than earnings when firms trade at a discount. We also find that other known influential conditions, such as the sign of earnings (Collins et al. 1999) or the relative levels of earnings and book value (Burgstahler and Dichev 1997), become inconsequential when the premium/discount condition of the firm is controlled for. The discovered relationships between the relative valuation roles of book values and earnings and the discount/premium characteristics of the firm are robust to the effect of time, information environment and the industry of the firm

Biotechnology and the African Farmer

Research and Development/Tech Change/Emerging Technologies,

Kriteria Kebutuhan Hard dan Soft Skill pada Perusahaan Jasa di Makassar

Penelitian ini bertujuan untuk mengetahui karakteristik sumber daya manusia yang menjadikebutuhan bank dan non bank dalam merekrut karyawan. Penelitian dilakukan dengan caramengedarkan kuisioner pada Perusahaan jasa (bank dan non bank) sebanyak 15 Perusahaan jasayang terdiri dari 10 bank baik konvensional maupun syariah dan 5 Perusahaan non bank. Hasilkuisioner kemudian diolah dengan alat analisis Cochran Q test, untuk mengetahui kesamaanpendapat diantara responden. Hasil analisis menunjukkan bahwa untuk komponen hard skill, ratarataperusahaan menginginkan semua strata pendidikan mulai dari D3 hingga S2, jugamemperhatikan keterampilan yang dimiliki terutama bahasa asing dan komputer, kemampuanberkomunikasi lisan dan tulisan, serta pengalaman kerja. Untuk kebutuhan soft skill berupa:karakter fisik juga diutamakan, yaitu tinggi badan antara 156-160 untuk wanita dan 170 untuk pria,wajah yang menarik dan penampilan yang menarik. Sehat fisik dan mental, serta kemampuanbertanggungjawab dan memiliki jiwa kepemimpinan juga menjadi keinginan Perusahaan dalammenerima karyawa

Small-to-Medium Enterprises and Economic Growth: A Comparative Study of Clustering Techniques

Small-to-medium enterprises (SMEs) in regional (non-metropolitan) areas are considered when economic planning may require large data sets and sophisticated clustering techniques. The economic growth of regional areas was investigated using four clustering algorithms. Empirical analysis demonstrated that the modified global k-means algorithm outperformed other algorithms