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

Article


Cooke, Terence, Omura, Teruyo and Willett, Roger. 2009. "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. https://doi.org/10.1111/j.1467-6281.2009.00279.x
Article Title

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

ERA Journal ID19052
Article CategoryArticle
AuthorsCooke, Terence (Author), Omura, Teruyo (Author) and Willett, Roger (Author)
Journal TitleAbacus: a journal of accounting, finance and business studies
Journal Citation45 (1), pp. 88-123
Number of Pages36
Year2009
Place of PublicationAustralia
ISSN0001-3072
1467-6281
Digital Object Identifier (DOI)https://doi.org/10.1111/j.1467-6281.2009.00279.x
Web Address (URL)https://onlinelibrary.wiley.com/doi/full/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.

Keywordsaccounting; values; book value; consistency; market value;value relevance
ANZSRC Field of Research 2020350103. Financial accounting
359999. Other commerce, management, tourism and services not elsewhere classified
380205. Time-series analysis
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Byline AffiliationsUniversity of Exeter, United Kingdom
Griffith University
University of Otago, New Zealand
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