Δεδουλευμένα και ταμειακές ροές: επιδράσεις στην κερδοφορία και τις εταιρικές αποδόσεις.
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Ημερομηνία
2017-09-13
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Εκδότης
Τ.Ε.Ι. Κρήτης, Σχολή Διοίκησης και Οικονομίας (Σ.Δ.Ο), ΠΜΣ Λογιστική και Ελεγκτική
T.E.I. of Crete, School of Management and Economics (SDO), PPS in Accounting and Auditing
T.E.I. of Crete, School of Management and Economics (SDO), PPS in Accounting and Auditing
Επιβλέπων
Περίληψη
Σκοπός της παρούσας εργασίας είναι να εξετάσει το κατά πόσο τα ευρήματα της μελέτης του Richard G. Sloan (1996), επιβεβαιώνονται στην ελληνική πραγματικότητα, για την περίπτωση του Χρηματιστηρίου Αξιών Αθηνών, για την περίοδο 1993-2008. Ο Richard G. Sloan (1996), στην μελέτη του, μας απέδειξε ότι τα κέρδη που προέρχονται από τις ταμειακές ροές ως συνιστώσα τους, εμφανίζουν μεγαλύτερη σταθερότητα (persistence) σε σχέση με εκείνα που προέρχονται από την συνιστώσα των δεδουλευμένων. Η εργασία μας χωρίζεται σε τρεις βασικές ενότητες. Στην πρώτη ενότητα και δεύτερη ενότητα, αναφερόμαστε συνοπτικά στους λόγους που μας οδήγησαν στην επιλογή του συγκεκριμένου θέματος, στην επιλογή του δείγματός μας και στην μεθοδολογία επεξεργασίας και ανάλυσης των στοιχείων μας. Ακολουθεί μία σύντομη θεωρητική ανασκόπηση των βασικότερων εννοιών που θα μας απασχολήσουν και στην συνέχεια ακολουθεί μία εκτενής βιβλιογραφική ανασκόπηση της διεθνούς βιβλιογραφίας που συναντήσαμε. Το τρίτο και τελευταίο μέρος, αποτελείται από την ανάλυση της εμπειρικής μας έρευνας. Τα αποτελέσματά της, μας υποδεικνύουν, ότι τα κέρδη των ελληνικών επιχειρήσεων για την περίοδο 1993-2008 που προέρχονται από την λογιστική στη βάση των ταμειακών ροών τείνουν να είναι πιο ανθεκτικά σε σχέση με εκείνα που προέρχονται από την λογιστική στην βάση των δεδουλευμένων.
Purpose The purpose of this paper is to examine whether the findings of Richard G. Sloan (1996), confirmed the Greek reality, in the case of the Athens Stock Exchange for the period 1993-2008. Design/methodology/approach That work is divided into three main sections. In the first section and the second section, we refer briefly to the reasons that led us to the choice of the matter, the selection of our sample and methodology processing and analysis of our data. Following is a brief theoretical review of the main concepts to be dealt with and followed by an extensive literature review of the literature we encountered. The third and final part consists of the analysis of our empirical research. We use three methods for the intersection of our results. The first method is that the analysis of the portfolios in which, we saw our data into five portfolios, initially classified according to the size of profits and then sorted in ascending order of accrual and cash flows. In this way, we try to identify and interpret the retention of profits (earnings persistence) with respect to the components of accruals and cash flows. Research limitations During of this investigation we came several times and faced with the alternative view that accrual basis of accounting. They claim that accounting profits "measured" with the accrual basis, ignoring the "time value of money" Findings The findings of our study confirm those of a study of Sloan (1996), as proof that the future profits of Greek undertakings for the period 1993-2008, have increased retention time, when derived from a component of cash flows with respect to those from the component accrued Originality/ value The importance of this study is considered to be great and important as at the date of writing, does not developed a similar study, trying to confirm the study by Sloan (1996) with data from the Greek reality
Purpose The purpose of this paper is to examine whether the findings of Richard G. Sloan (1996), confirmed the Greek reality, in the case of the Athens Stock Exchange for the period 1993-2008. Design/methodology/approach That work is divided into three main sections. In the first section and the second section, we refer briefly to the reasons that led us to the choice of the matter, the selection of our sample and methodology processing and analysis of our data. Following is a brief theoretical review of the main concepts to be dealt with and followed by an extensive literature review of the literature we encountered. The third and final part consists of the analysis of our empirical research. We use three methods for the intersection of our results. The first method is that the analysis of the portfolios in which, we saw our data into five portfolios, initially classified according to the size of profits and then sorted in ascending order of accrual and cash flows. In this way, we try to identify and interpret the retention of profits (earnings persistence) with respect to the components of accruals and cash flows. Research limitations During of this investigation we came several times and faced with the alternative view that accrual basis of accounting. They claim that accounting profits "measured" with the accrual basis, ignoring the "time value of money" Findings The findings of our study confirm those of a study of Sloan (1996), as proof that the future profits of Greek undertakings for the period 1993-2008, have increased retention time, when derived from a component of cash flows with respect to those from the component accrued Originality/ value The importance of this study is considered to be great and important as at the date of writing, does not developed a similar study, trying to confirm the study by Sloan (1996) with data from the Greek reality