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The Relative Value Relevance Of Earnings And Book Value In Malaysia And Singapore
(İstanbul Ticaret Üniversitesi, 2005) Zainal, Dalilawati; Ibrahim, Muhd Kamil; Kamarudin, Khairul Anuar; Kaur, Jagjit
This study examines the relative value relevance of earnings and book value in two Asian countries with similar accounting systems, Malaysia and Singapore. Based on the similarities of accounting systems between the two countries, this study hypothesizes that book value is more value relevant than earnings in determining market value of equity in Malaysia and Singapore. Results from Wald chi-square and OLS regression tests provide evidence confirming the hypothesis. This study also reveals that earnings sign, firm size and macroeconomic events affect the relative value relevance in both countries under study, whereby the results seem to be driven by firms reporting negative earnings and large firm only. The results are not robust for firms reporting positive earnings, small firms and individual year samples (represent macroeconomic events). Overall, this study provides evidence concerning the relative value relevance of earnings and book value, being two important summary measures of financial statements, from Asian region.