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
Public Notes

Files associated with this item cannot be displayed due to copyright restrictions.

Byline AffiliationsUniversity of Exeter, United Kingdom
Griffith University
University of Otago, New Zealand
Permalink -

https://research.usq.edu.au/item/q02x4/consistency-value-relevance-and-sufficiency-of-book-for-market-values-in-five-japanese-conglomerates-over-the-period-1950-2004

Log in to edit
  • 1851
    total views
  • 7
    total downloads
  • 0
    views this month
  • 0
    downloads this month

Export as

Related outputs

The sustainability of charitable organisations
Omura, Teruyo and Forster, John. 2011. "The sustainability of charitable organisations." 12th Asian Accounting Academic Association Annual Conference. Bali, Indonesia 08 - 12 Oct 2011
Accounting
Horngren, C. T., Harrison, W. T., Bamber, L. S., Best, P. J., Fraser, D. J. and Willett, R. J.. 2007. Accounting. Pearson Education Australia.
Competition for donations and the sustainability of not-for-profit organisations
Omura, Teruyo and Forster, John. 2014. "Competition for donations and the sustainability of not-for-profit organisations." Humanomics. 30 (3), pp. 255-274. https://doi.org/10.1108/H-12-2012-0026
Japan moves to green: natural disaster empowers Japanese citizens
Omura, Teruyo. 2012. "Japan moves to green: natural disaster empowers Japanese citizens." 19th International Business Research Conference. Melbourne, Australia 19 - 21 Nov 2012 Melbourne, Australia.
Financial accounting, 6th ed.
Horngren, Charles T., Harrison, Walter T., Fraser, David, Best, Peter and Willett, Roger. 2010. Financial accounting, 6th ed. Sydney, Australia. Pearson Australia Group.
Accounting, 6th ed.
Horngren, Charles T., Harrison, Walter T., Bamber, Linda S., Best, Peter, Fraser, David and Willett, Roger. 2009. Accounting, 6th ed. Sydney, Australia. Pearson Australia Group.
Financial disclosure policy changes for Japanese non-profit organizations
Omura, Teruyo. 2013. "Financial disclosure policy changes for Japanese non-profit organizations ." Yuda, Masao (ed.) 26th Japan Corporate Social Accounting and Reporting Association National Conference 2013. Tokyo, Japan 08 - 09 Nov 2013 Tokyo, Japan.
Policy after-shocks: Japanese bureaucratic response to change and major disasters
Omura, Teruyo and Forster, John. 2014. "Policy after-shocks: Japanese bureaucratic response to change and major disasters ." Haldane, Joseph (ed.) 1st Asian Conference on Politics, Economy and Law (ACPEL 2013): Trust: Governance, Society and Sustainability . Osaka, Japan 21 - 24 Nov 2013 Nagoya, Japan.
Competition for donations and not-for-profit organsations
Omura, Teruyo and Forster, John. 2013. "Competition for donations and not-for-profit organsations ." Hoque, Md. Mahbubul (ed.) Global Business and Finance Research Conference 2013: Research for Progress. Taipei, Taiwan 28 - 29 Oct 2013
Sustainability and the change in public opinion: natural disaster empowers Japanese citizens
Omura, Teruyo. 2012. "Sustainability and the change in public opinion: natural disaster empowers Japanese citizens." 2012 Regional Development: Connectedness, Business and Learning: Creating Sustainable Communities Workshop. Brisbane, Australia 20 Jun 2012 Toowoomba, Australia.
Competition between charitable organisations for private donations
Omura, Teruyo. 2010. Competition between charitable organisations for private donations. PhD Thesis Doctor of Philosophy. Griffith Business School.
The sustainability of charitable organisations
Omura, Teruyo and Forster, John. 2012. "The sustainability of charitable organisations." International Journal of Organisational Behaviour. 17 (2), pp. 1-17.
Using automated equilibrium correction modelling in analytic review
Omura, Teruyo and Willett, Roger. 2006. "Using automated equilibrium correction modelling in analytic review." Managerial Auditing Journal. 21 (2), pp. 207-223. https://doi.org/10.1108/02686900610639329
Financial Accounting, Fifth Edition
Horngren, C. T., Harrison, W.T., Bamber, L. S., Best, P. J., Fraser, D. J. and Willett, R. J.. 2006. Financial Accounting, Fifth Edition. Sydney. Pearson Education Australia.
Government policy change as a response to major disaster events
Omura, Teruyo and Forster, John. 2011. "Government policy change as a response to major disaster events." Building Business Communities: Justice, Performance and Change Creating a Sustainable Scholarly Community Colloquia (2011). Brisbane, Australia 09 Nov 2011 Toowoomba, Australia.
Donors' decision-making process on charitable giving: case studies in Japan
Omura, Teruyo and Forster, John. 2009. "Donors' decision-making process on charitable giving: case studies in Japan." 9th Hawaii International Conference on Business (BUS 2009). Honolulu, United States 12 - 15 Jun 2009 Honolulu, HI. United States.