期刊名称：International Journal of Finance and Accounting
印刷版ISSN：2168-4812
电子版ISSN：2168-4820
出版年度：2013
卷号：2
期号：4
页码：248-258
DOI：10.5923/j.ijfa.20130204.08
语种：English
出版社：Scientific & Academic Publishing Co.
摘要：In this study, we compare the value relevance of two measures of earnings per share ; the level of Domestic earnings per share measures (Domestic EPS) computed with reference to the Glossary of the Tunis Stock Exchange by dividing accounting earnings by the number of shares that compose capital at the end of the fiscal year to the level of Basic earnings per share measures (Basic EPS) based on International Accounting Standard (IAS 33 ‘earnings per share’) computed by dividing ‘Profit attributable to the ordinary shareholders’ (the numerator) by ‘the weighted-average number of ordinary shares in issue’ (the denominator). Based on a sample of 389 firm years for firms listed on the Tunis Stock Exchange (TSE) during the period 1997-2008 and using pooled regressions, we find that although there is little difference between the two types of earnings measures, Domestic EPS are more associated to security returns and that the adjusted earnings per share to International Accounting Standards, resulting in Basic EPS, does not improve the relationship between earnings and security returns. Therefore, the use of the weighted-average number of ordinary shares in issue as denominator does not improve significantly the relationship between security returns and accounting earnings in Tunisian context. Further tests show that the use of alternative measures of performance and/or the change of earnings variables does not improve the explanatory power of earnings measures.
关键词：Value Relevance; Domestic EPS; Basic EPS; Security Returns; Deflator; Number of Shares Outstanding; Scale Factor; Explanatory Power; Earnings Slope Coefficient; International Accounting Standards
