جلد 36، شماره 3 - ( 6-1404 )                   جلد 36 شماره 3 صفحات 131-117 | برگشت به فهرست نسخه ها

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Khader O. The Declining Value Relevance of Accounting Measures: Evidence from the Amman Stock Exchange (2010–2019). IJIEPR 2025; 36 (3) :117-131
URL: http://ijiepr.iust.ac.ir/article-1-2482-fa.html
The Declining Value Relevance of Accounting Measures: Evidence from the Amman Stock Exchange (2010–2019). نشریه بین المللی مهندسی صنایع و تحقیقات تولید. 1404; 36 (3) :117-131

URL: http://ijiepr.iust.ac.ir/article-1-2482-fa.html

The Declining Value Relevance of Accounting Measures: Evidence from the Amman Stock Exchange (2010–2019)
چکیده:   (1054 مشاهده)
The value relevance of financial accounting information remains pivotal, particularly in emerging markets such as Jordan, where investor confidence and market mechanisms continue to evolve. This study investigates the longitudinal impact of earnings per share (EPS), book value per share (BVS), and dividends per share (DPS) on stock prices for 247 non-financial firms listed on the Amman Stock Exchange (ASE) from 2010 to 2019. Employing the Ohlson valuation model, both pooled and annual Ordinary Least Squares (OLS) regressions were performed, alongside time-trend analyses to capture shifts in explanatory power. Results show that EPS, BVS, and DPS are significantly and positively associated with stock prices (p < 0.01), with the highest adjusted R² value of 0.77 achieved in 2011. However, the relevance of EPS and DPS declined substantially over the period, with EPS showing an annual adjusted R² decline of −0.032 and the incremental explanatory power of DPS (IEPD) falling from 0.12 in 2010 to 0.01 in 2018. Sensitivity analyses using fixed effects, winsorization, and sub-period testing confirmed the robustness of these trends. The findings suggest a structural shift in investor priorities toward forward-looking metrics, underscoring the need for corporate reporting frameworks that integrate both financial and non-financial disclosures.
 
     
نوع مطالعه: پژوهشي | موضوع مقاله: اقتصاد مهندسی
دریافت: 1404/2/27 | پذیرش: 1404/5/25 | انتشار: 1404/7/4
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