Article1995

Market Perception of Goodwill: Some Empirical Evidence

94 citations0/0 files storedAccounting and Business Research

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Financial Reporting and Valuation Research

Abstract

Accounting and reporting for goodwill has been on the agenda of the Financial Accounting Standards Board, the International Accounting Standards Committee, the UK's Accounting Standards Board, and the US Congress. Goodwill has also been the subject of Securities Exchange Commission rulings directed at specific companies. The attention directed towards goodwill would suggest that it is a material asset for a large number of firms. This article analyses the market perception of goodwill as an asset in the determination of the firm's valuation. Also explored is whether the market values goodwill to the same degree as it values other assets. The results of this study found that the market perceives goodwill as an asset and incorporates the information in the valuation of a firm. The findings of this study could be of importance to those involved in and affected by standard-setting deliberations involving goodwill.

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References

1977DEBT AND TAXES*1991Earnings Asan Explanatory Variable for Returns 1977Debt and Taxes 1978Journal of business finance and accounting 1993A Comparison of the Value-Relevance of U.S. Versus Non-U.S. GAAP Accounting Measures Using Form 20-F Reconciliations 1996International Accounting Differences and Their Relation to Share Prices: Evidence from U.K., Australian, and Canadian Firms*1992The market valuation implications of net periodic pension cost components 1986An Empirical Investigation of Pension Fund Property Rights.

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2016Compliance with goodwill-related mandatory disclosure requirements and the cost of equity capital 2000Market Valuation of Intangible Assets 2008The Value-Relevance of Financial Statement Recognition versus Note Disclosure: Evidence from Goodwill Accounting 2006Is older goodwill value relevant?2010Intangible assets valuation in the Malaysian capital market 2014Goodwill under IFRS: Relevance and disclosures in an unfavorable environment

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