This study aimed at establishing the degree of influence of cost elements on the productivity of manufacturing companies. The study made used of a survey research design method and data were obtained through questionnaire and analyzed with the Ordinary Least Square (OLS) method. The study...

The purpose of this paper is to examine determinants of financial information disclosure by Tunisian companies. The methodology is based on qualitative approach, using the cognitive mapping technique. To take into account the specificities of the Tunisian economic, we felt that it is essential...

The recent financial scandals, backdating problems, expensing of options and increasing use of restricted stocks have affected the cash dividend payout policies of firms, especially of those issuing restricted stocks. This research examines the accounting, financial and demographic variables...

Lonergan (2009) and Jindra and Voetmann (201'7 analyse comparative results from discounting post-tax cash flows at a post-tax discount rate versus discounting pre-tax cash flows at a pre-tax discount rate. While their results are correct within the context of their analysed examples, these...

We derive and present the formula for optimal debt under the assumption that tax shields are discounted at the cost of levered equity, Ke and cash flows are on perpetuity. The formulation is consistent and is derived from basic financial principles. This formulation is valid for non-growing...

This paper examines the association between conservatism and the value relevance of accounting information over the 1975 through 2004 period. We measure conservatism using approaches developed in Penman and Zhang, The Accounting Review 77:237–264, (2002) and Beaver and Ryan, Journal of...

This paper presents a formal derivation of general expressions for Ke and WACC in perpetuities with constant growth, which do not make any assumption on what the proper discount rate is to be applied to the firm's tax shield, and are complemented with numerical examples of its application....

We examine a duopolistic setting in which firms pre-announce their future competitive decisions (e.g. prices, production quantities, capacity investments) before they actually undertake them. We show that firms overstate their future actions in their pre-announcements, and that their real action...

A methodology commonly used to calculate losses in shareholder actions against companies for failing to announce information relevant to the share price is based on price movements shortly after the ultimate announcement. This approach will lead to an overestimate of the loss if the market...

There are methods to match value added approaches (Residual Income Method, RIM and Economic Value Added, EVA) with discounted cash flow methods, DCF. In this note we use a real life case from an emerging country to illustrate the matching, with complexities such as unpaid taxes, losses carried...