Value relevance of earnings, book value, free cash flow and R&D
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| EPS | 8.523*** (0.190) | 7.185*** (0.186) | 7.167*** (0.194) |
| BPS | 1.237*** (0.0394) | 1.057*** (0.0407) | 1.095*** (0.0434) |
| FCF-IE | 3.593*** (0.507) | 0.485 (0.821) | |
| R&D-IE | 69.82*** (14.69) | −18.04 (28.73) | |
| BPS × R&D-IE | 10.49 (7.019) | ||
| BPS × FCF-IE | 0.628*** (0.207) | ||
| EPS × R&D-IE | 178.2*** (50.62) | ||
| EPS × FCF-IE | 3.242*** (1.189) | ||
| Constant | 8.560*** (0.781) | 9.530*** (0.738) | 9.354*** (0.738) |
| F-stats | 326.48*** | 458.18*** | 290.09*** |
| R2 | 0.410 | 0.397 | 0.400 |
| Variables | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| EPS | 8.523*** (0.190) | 7.185*** (0.186) | 7.167*** (0.194) |
| BPS | 1.237*** (0.0394) | 1.057*** (0.0407) | 1.095*** (0.0434) |
| FCF-IE | 3.593*** (0.507) | 0.485 (0.821) | |
| R&D-IE | 69.82*** (14.69) | −18.04 (28.73) | |
| BPS × R&D-IE | 10.49 (7.019) | ||
| BPS × FCF-IE | 0.628*** (0.207) | ||
| EPS × R&D-IE | 178.2*** (50.62) | ||
| EPS × FCF-IE | 3.242*** (1.189) | ||
| Constant | 8.560*** (0.781) | 9.530*** (0.738) | 9.354*** (0.738) |
| 326.48*** | 458.18*** | 290.09*** | |
| 0.410 | 0.397 | 0.400 |
Notes: Standard errors in parentheses. *p<0.1; **p<0.05; ***p<0.01
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.