Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/48420 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorRapp, Marc Steffenen
dc.date.accessioned2010-10-07-
dc.date.accessioned2011-07-18T08:59:21Z-
dc.date.available2011-07-18T08:59:21Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/48420-
dc.description.abstractWhile some of the modern performance measures used in managerial accounting rely on cash flow based figures others try to take advantage of the information content of accounting figures. However, whether the additional information content in the accrual components of earnings improves the internal performance measurement is an open empirical question. To shed light on this question, I examine the correlation between operating cash flows and earnings with firm's total shareholder returns. Using fixed firm effects regression methods for a large sample of German listed firms covering some 5,000 firm years, the analysis shows that generally operating cash flow and earnings are both positively correlated with total shareholder return. However, with increasing information asymmetry earnings become less correlated with the firm's stock market performance and operating cash flows dominate earnings in explaining total shareholder return (and vice versa). These results suggest that, the information content of accounting figures is only relevant in settings characterized by low information asymmetries and, thus, there is no one-size-fits-all performance measure for managerial accounting purposes.en
dc.language.isoengen
dc.publisher|aTechnische Universität München, Center for Entrepreneurial and Financial Studies (CEFS) |cMünchenen
dc.relation.ispartofseries|aWorking Paper |x2010-08en
dc.subject.jelG32en
dc.subject.jelM21en
dc.subject.jelM40en
dc.subject.ddc330en
dc.subject.keywordaccounting figuresen
dc.subject.keywordperformance measuresen
dc.subject.keywordtotal shareholder returnen
dc.subject.keywordmanagerial accountingen
dc.subject.stwBetriebliche Kennzahlen
dc.subject.stwPerformance-Messungen
dc.subject.stwShareholder Valueen
dc.subject.stwRegressionen
dc.subject.stwAsymmetrische Informationen
dc.titleInformation asymmetries and the value-relevance of cash flow and accounting figures: empirical analysis and implications for managerial accounting-
dc.typeWorking Paperen
dc.identifier.ppn636308669en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cefswp:201008en

Datei(en):
Datei
Größe
223.71 kB





Publikationen in EconStor sind urheberrechtlich geschützt.