Global Advanced Research Journal of Management and Business Studies (ISSN: 2315-5086) April 2015 Vol. 4(4), pp 176-185.
Copyright © 2015 Global Advanced Research Journals
Original Research Articles
Company Performance Evaluation and the reasons of Shift : Case of Tunisian Firms
Fakhfakh Hamadi And Ben Atitallah Raida
Faculty of Economic Sciences and Management, University of Sfax, Airport Road, 1088, Sfax 3018, Tunisia
Accepted 09 April 2015
Based on the current evaluation methods enterprises, the paper examines the relevance of the variables that may explain the difference between the market value and the market value of the company. From a sample of 30 Tunisian listed companies over a period of five years (2007-2011), our main results show that the frictional costs of market inefficiency, ie, the costs of transactions, agency conflicts and information asymmetry are the main factors that explain the difference between the book value and the stock market value of companies. Following the changes in financial theory of the firm, we also studied the determinants of value creation. The main results show that the inclusion of intangible assets such as R & D, quality products and services and know-how, remains poorly considered in the determination of expected future earnings. Discretionary accruals proxies conflicting relations and organizational dysfunction is a significant variable to predict the evolution of flows likely to be generated by the activity of the firm. Accordingly, we result that firms large sizes have a stock assets and secrete significant more value.
Keywords: Asset value, Market value, Offset, EVA, Tobin's Q.