期刊名称：Asian Academy of Management Journal of Accounting and Finance
印刷版ISSN：1823-4992
电子版ISSN：2180-4192
出版年度：2020
卷号：16
期号：2
页码：101-121
DOI：10.21315/aamjaf2020.16.2.5
语种：English
出版社：Universiti Sains Malaysia
摘要：Expected earnings and stock price are important determinants of investors’ decision. This research is conducted to estimate earnings persistence and examine the relationship between sustainable earnings on price-to-earning (P/E) ratio based on fnancial statements’ information of 631 publicly listed non-fnancial companies on Vietnam’s stock market, by using Ordinary Least Squares (OLS) and Logit function. The results show that earnings persistence depends on net operating assets growth, proft margin changes, operating asset turnover changes and past proftability. Besides, both the sustainable and unsustainable components of earnings growth are proved to empirically affect P/E ratio, even though investors underreact to sustainable earnings and overreact to unsustainable earnings. This study helps to improve investors’ perception of their future earnings, investment value and companies’ sustainable growth, particularly in the context of developing stock market of Vietnam which is full of market anomalies.
关键词：Earnings persistence;earnings per share;market price;P/E;returns on net operating assets (RNOA)
