The impact of firm characteristics valuation multiples in the residual income model
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The purpose of this study was to estimate the impact of industry sector and firm size on valuation multiples in the residual income model. The study was carried out on an archival sample of companies listed at stock exchanges in Germany, France and Poland over the period from 2000 to 2010 with the use of the Ohlson model. An important contribution of this paper is the attempt to estimate the other information variable present in the Ohlson model. Results show a significant country effect. In the German sample, industry sector does affect valuation multiples. Firm size is an important factor in all three samples. The inclusion of the other information variable causes a decrease in standard errors of estimates.
Authors and Affiliations
Karol Klimczak
Keywords
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