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All Journal JABM JOURNAL of ACCOUNTING - BUSINESS & MANAGEMENT
Malcolm Smith
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Other

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Stock Prices and Accounting Information: A Review of the State of Play Scott Pirie; Malcolm Smith
Journal of Accounting, Business and Management (JABM) Vol 15 No 2 (2008): October
Publisher : STIE Malangkucecwara

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Abstract

One of the aims of financial statements is to provide relevant information to support investment decisions. Consequently, relationships between share prices and accounting variables have been widely researched. Early studies focus mainly on earnings, but attention has turned in recent years to valuation models that include the book value of the equity. Many of these studies cite the residual income model as their theoretical base and, with the growing emphasis on shareholder value, residual income measures have become more widely used by the business community to track financial performance. Given these trends, this paper reviews the theoretical background of the residual income model and discusses the results of empirical studies based upon it. It finds that the two main accounting variables can usually explain a substantial part of the variance in share prices, and can also be useful in predicting future returns. However, a number of practical issues remain unresolved. These findings should be of interest to other researchers, and should also be helpful to managers and investors who currently use, or are planning to use, residual income or similar accounting-based measures to monitor and forecast business performance.
Website Quality and Corporate Financial Performance Paul Watkins; Malcolm Smith
Journal of Accounting, Business and Management (JABM) Vol 15 No 1 (2008): April
Publisher : STIE Malangkucecwara

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This paper explores the relationship between the quality of a companys website and aspects of corporate financial performance, for UK manufacturing companies. Survey and archival methods are used to measure website quality and financial performance, and to specify the relationship between the two. A significant relationship between financial gearing and website quality is observed, consistent with the findings from hardcopy corporate narratives. These findings are limited to listed UK manufacturing companies and may not be generalisable to smaller companies, other industries or different countries. The direction of causation has not been specified, but remains consistent with prior literature, in that excellent website quality may be signalling good financial performance. The findings have implications for the constructors of websites, in that they should be aware that the content and presentation of these sites will signal users with messages regarding the financial performance of the enterprise. In this regard the paper is the first to apply a specialised commercial survey instrument in the examination of the relationship between website quality and corporate performance.
Co-Authors Paul Watkins Scott Pirie