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The Effects of Value Relevance of Cash Flows and Accruals: The Corporate Life Cycle



Parallel abstracts

Considering the impact of life-cycle attributes of firms, this paper investigates the relationship between the value of firms and the value relevance of cash flows and accruals from the perspective of the users of financial statements measured by individual firm and year. To avoid the dispute of classification in life-cycle studies, we take advantage of cash flows to classify the stages of corporate life cycle. The empirical findings show that the effects of value relevances of operating cash flows and accruals on the firm value are influenced by different corporate life cycle.


詹家昌、許月瑜(2012),「企業生命週期可否解釋投資與現金流量的敏感度」,《中山管理評論》,第 20 卷第 3 期,909-944。
廖秀梅、陳依婷(2010),「資訊揭露透明度、家族控制因素與盈餘價值攸關性」,《東吳大學會計學報》,第 2 卷第 2 期,1-23。
Abdullah, A. A., and N. M. Saleh (2014), “Impact of Firms’ Life-Cycle on Conservatism: the Malaysian Evidence,” Procedia – Social and Behavioral Sciences, Vol. 145, 18-28.
Akbar, S., S. Z. A. Shah, and A. W. Stark (2011), “The Value Relevance of Cash Flows, Current Accruals, and Non-Current Accruals in the UK,” International Review of Financial Analysis, Vol. 20, No. 5, 311-319.