haku: @indexterm VALUATION / yhteensä: 677
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| Tekijä: | Gietzmann, M.B. Ostaszewski, A. |
| Otsikko: | Predicting firm value: the superiority of q-theory over residual income |
| Lehti: | Accounting and Business Research
2004 : VOL. 34:4, p. 349-377 |
| Asiasana: | Company value Residual income Valuation |
| Vapaa asiasana: | Q-theory |
| Kieli: | eng |
| Tiivistelmä: | Residual income theory, among other things, establishes an equivalence between valuation of a company based upon a discounted stream of future dividends and valuation based on accounting data in which book value and discounted stream of future residual incomes take centre stage. However, this equivalence result is non-unique: residual income is only one of many income measures for which equivalence can be shown to hold. Given this non-uniqueness, the traditional residual income equivalence result provides at best a weak defence for the necessity of accounting via residual income. The principal objective of this article is to address this central limitation of existing research. It is considered how to move on from dependence on equivalence as a weak defence for accounting-based valuation, to a framework in which strict preference between alternative valuation methods is possible. |
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