ASSOCIATION BETWEEN ACCOUNTING PERFORMANCE-MEASURES AND STOCK-PRICES - A TEST OF THE LIFE-CYCLE HYPOTHESIS

被引：369

作者：

ANTHONY, JH ^{[1
]}

RAMESH, K ^{[1
]}

机构：

[1] NORTHWESTERN UNIV,EVANSTON,IL 60201

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 1992年 / 15卷 / 2-3期

关键词：

D O I：

10.1016/0165-4101(92)90018-W

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper posits that stock market response to two accounting performance measures - sales growth and capital investment is a function of firm life cycle stage. Firms are grouped into various life cycle portfolios using dividend payout, sales growth, and age. As predicted, the empirical results indicate a monotonic decline in the response coefficients of unexpected sales growth and unexpected capital investment from the growth to the stagnant stages. Additional analysis suggests that this relation is not driven by a firm size effect, risk differences, or measurement error in the proxies for performance measures.

引用

页码：203 / 227

页数：25

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