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Accounting and Market-Value Measures of Profitability: Consistency, Determinants, and Uses

64 citations0/0 files storedJournal of Business and Economic Statistics

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Financial Reporting and Valuation Research Financial Markets and Investment Strategies Financial Analysis and Corporate Governance

Abstract

This study examines the relationship between accounting and market-value measures of profitability for individual firms. Differences in measures of profitability are observed both between and within industry groups and thus cannot be explained by differences in uncontrolled industry-specific influences. We suggest that both accounting and market can be used as unique but imperfect indicators of profitability. Using a LISREL model approach, we find R & D intensity, television advertising intensity, leverage, and industry growth to be important determinants of firm profits.

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References

1981Tobin's $q$ Ratio and Industrial Organization 1982Multivariate regression models for panel data 1974Structural Equation Models in the Social Sciences.2016On the Misuse of Accounting Rates of Return to Infer Monopoly Profits 1977Social and Private Rates of Return from Industrial Innovations*1983Structure-Profit Relationship at the Line of Business and Industry Level 1982Intangible Capital Aspects of Advertising and R & D Expenditures 1978Monetary Policies and the Economy: The Transmission Mechanism

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