Accounting, Cash Flow and Value Relevance by Francesco Paolone

Author:Francesco Paolone
Language: eng
Format: epub
ISBN: 9783030506889
Publisher: Springer International Publishing

5.2 The Sampling Process

The empirical definitions of market value, the accounting variables, and the cash flow variable in the estimated models are shown in Sect.​ 4.​3. Firm market value is calculated as market capitalization divided by shares outstanding on the balance sheet date (all firms had 31 December year ends in 2018).

Earnings are the net profit values stated in the financial statements. The OCF variable is taken from the Cash Flow Statement at the end of the year.

The two original populations encompass all companies that are listed on main stock markets in the main EU areas and in the USA as identified by the ORBIS Database, from Bureau Van Dijk. The sampling process is reported as follows.

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