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The value relevance of earnings,cash flows and book values in Egypt

机译：埃及的收入，现金流量和账面价值的价值相关性

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Purpose - Motivated by the lack of research on the value relevance of accounting information in the emerging markets of Middle Eastern countries, and the unique institutional and accounting setting in Egypt, this paper aims to investigate the relation between capital market and accounting information in the emerging market of Egypt. Specifically, based on Egyptian data, this study examines the value relevance of earnings, cash flows from operations and book values. Design/methodology/approach - To examine the value relevance of the above accounting measures, this study uses statistical associations between accounting information and capital market values: the association between earnings and annual returns; the association between cash flows and accruals, and annual returns; and the association between earnings and book values of equity, and stock prices. Findings - The results show that, first, earnings have value relevance. However, earnings changes are significantly more successful than earnings levels in explaining security returns. These results suggest that changes in earnings are largely permanent; hence, earnings follow (close to) a random walk model. Second, contrary to what is stated in the literature, cash flows from operations are not successful in explaining stock returns. This result suggests that cash flows are less important and not value relevant in Egypt compared to the USA or the UK. A possible explanation is that cash flows in Egypt are very volatile (high variance) and not persistent, so the market does not rely on them. Third, individually, both earnings and book values significantly explain stock prices; however, jointly, earnings have incremental explanatory power beyond book values for stock prices whereas book values do not. These results suggest that in Egypt the income statement is much more important than the balance sheet for valuation purposes. Overall, these results are interesting because they do not completely replicate the results from other countries. Practical implications - The existence of value relevance for earnings despite the apparent lack of value relevance for cash flows can be interpreted as indicating that accruals are designed to offset and smooth cash flows' volatility and low value relevance, so that earnings are relatively more persistent and relevant. These results show that earnings potentially are a much more important and informative measure of a firm's value than cash flows from operations in Egypt. However, we certainly need the cash flows information as an ex-post validation of the prior earnings. Overall, it appears that the investors in Egypt are looking at the accounting data when evaluating the value of the firm, which is a good sign. However, the empirical findings of this paper are discussed. Originality/value - This study contributes to the limited research on value relevance of accounting information in the emerging market of Egypt.
机译：目的-由于缺乏对中东国家新兴市场中会计信息价值相关性的研究，以及埃及独特的机构和会计环境，因此本文旨在研究新兴市场中资本市场与会计信息之间的关系埃及市场。具体而言，该研究基于埃及的数据，考察了收入，运营现金流和账面价值的价值相关性。设计/方法/方法-为了研究上述会计方法的价值相关性，本研究使用会计信息与资本市场价值之间的统计关联：收益与年收益之间的关联；现金流量和应计费用与年度收益之间的关系；以及收益与权益账面价值以及股票价格之间的关联。调查结果-结果表明，首先，收益具有价值相关性。但是，在解释证券收益时，收益变化比收益水平成功得多。这些结果表明，收入变化在很大程度上是永久性的；因此，收益遵循（接近）随机游走模型。其次，与文献中所述相反，来自运营的现金流不能成功地解释股票收益。该结果表明，与美国或英国相比，埃及的现金流量不那么重要，而且价值不相关。一个可能的解释是，埃及的现金流量非常不稳定（高差异）并且不是持久的，因此市场并不依赖它们。第三，从收益和账面价值两个方面来看，股票价格都可以得到很好的解释。但是，总的来说，收益具有超出股票账面价值的解释力，而账面价值则没有。这些结果表明，在埃及，就估值而言，损益表比资产负债表重要得多。总体而言，这些结果很有趣，因为它们不能完全复制其他国家的结果。实际含义-尽管显然与现金流量没有价值相关性，但仍存在与收益相关的价值，可以解释为表明应计费用旨在抵消和平滑现金流的波动性和低价值相关性，因此收益相对更持久且更稳定。相关的。这些结果表明，与埃及经营活动产生的现金流量相比，收益可能是衡量公司价值的更重要，更有意义的指标。但是，我们当然需要现金流量信息作为事前收益的事后验证。总体而言，埃及的投资者似乎在评估公司价值时正在查看会计数据，这是一个好兆头。但是，本文的实证结果进行了讨论。原创性/价值-这项研究对埃及新兴市场中会计信息的价值相关性研究有限。

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