市场和长期会计运营绩效

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英文标题：
《Market and Long Term Accounting Operational Performance》
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作者：
M. S. S. Rosa, P. R. B. Lustosa
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最新提交年份：
2019
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英文摘要：
  Following the value relevance literature, this study verifies whether the marketplace differentiates companies of high, medium, and low long-term operational performance, measured by accounting information on profitability, sales variation and indebtedness. The data comprises the Corporate Financial Statements disclosed during the period from 1996 to 2009 and stock prices of companies listed on the Sao Paulo Stock Exchange and Commodities and Futures Exchange - BM&FBOVESPA. The final sample is composed of 142 non-financial companies. Five year mobile windows were used, which resulted in ten five-year periods. After checking each company indices, the accounting variables were unified in an Index Performance Summary to synthesize the final performance for each five-year period, which allowed segregation in operational performance levels. Multiple regressions were performed using panel data techniques, fixed effects model and dummies variables, and then hypothesis tests were made. Regarding the explanatory power of each individual variable, the results show that not all behaviors are according to the research hypothesis and that the Brazilian stock market differentiates companies of high and low long-term operational performance. This distinction is not fully perceived between companies of high and medium operational performance.
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中文摘要：
根据价值相关性文献，本研究验证了市场是否通过盈利能力、销售变化和负债的会计信息来区分长期经营业绩高、中、低的公司。数据包括1996年至2009年期间披露的公司财务报表以及在圣保罗证券交易所和商品期货交易所上市的公司的股票价格。最终样本由142家非金融公司组成。使用了五年的移动窗口，这导致了十个五年期。在检查各公司指数后，将会计变量统一到指数绩效总结中，以综合每个五年期的最终绩效，从而实现运营绩效水平的分离。使用面板数据技术、固定效应模型和虚拟变量进行多元回归，然后进行假设检验。关于每个变量的解释力，结果表明，并非所有行为都符合研究假设，巴西股市区分了长期经营绩效高和低的公司。高运营绩效和中等运营绩效的公司之间没有充分认识到这一区别。
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分类信息：

一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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关键词：fixed effect Contribution Quantitative performance Operational