Artikel
Modeling the selection of comparable firms: A novel approach for business valuation in ASEAN nations
This study aims to develop systematic models for the selection of comparable firms for firm valuation. The conventional approach argues that indicators such as firm size, growth rate, and industry should be considered for the selection of peer firms. However, this is sometimes very difficult for appraisers because it is almost impossible to find firms that capture all these criteria, especially in developing countries. Guided by business valuation theory, three indicators-profitability, earnings growth rate, and systematic risk-are applied by this study to build systematic models that simultaneously consider the many criteria affecting firm value. Using firm-level data from non-financial enterprises with 18,418 firm-year observations collected from the six ASEAN nations' stock exchange markets from 2010 to 2020, this study contributes to business valuation literature by developing systematic models for the selection of comparable firms. The results of this study are also practically significant for valuers because our models can be applied to peer group selection as well. Additional analysis shows that our models are more appropriate or suitable than models from previous conventional approaches that use the same industry or same firm financial characteristics.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Cogent Economics & Finance ; ISSN: 2332-2039 ; Volume: 9 ; Year: 2021 ; Issue: 1 ; Pages: 1-22
- Klassifikation
-
Wirtschaft
- Thema
-
Business valuation
Comparable firms
Income-based approach
Market-based approach
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Nguyen, Kim-Duc
Sinh, Hay
Tran Bich-Van
- Ereignis
-
Veröffentlichung
- (wer)
-
Taylor & Francis
- (wo)
-
Abingdon
- (wann)
-
2021
- DOI
-
doi:10.1080/23322039.2021.1958980
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Nguyen, Kim-Duc
- Sinh, Hay
- Tran Bich-Van
- Taylor & Francis
Entstanden
- 2021
Ähnliche Objekte (12)
Company valuation with comparable selection and industry classification
The market approach to comparable company valuation : with 26 tables
Option-Style Multi-Factor Comparable Company Valuation for Practical Use
Option-Style Multi-Factor Comparable Company Valuation for Practical Use
Illiquidity and under-valuation of firms
Valuation of Closely-Held Firms: Another Look
Earnings stability and peer selection for indirect valuation
Selecting comparables for the valuation of European firms
Selecting Comparables for the Valuation of European Firms
A proposal to estimate the valuation of small and medium size companies using geographically comparable information
Connectivity in the technology transfer process among local ASEAN firms
The determinants of dual listing decision of firms from ASEAN-5
Company valuation with comparable selection and industry classification
The market approach to comparable company valuation : with 26 tables
Option-Style Multi-Factor Comparable Company Valuation for Practical Use
Option-Style Multi-Factor Comparable Company Valuation for Practical Use
Illiquidity and under-valuation of firms
Valuation of Closely-Held Firms: Another Look
Earnings stability and peer selection for indirect valuation
Selecting comparables for the valuation of European firms
Selecting Comparables for the Valuation of European Firms
A proposal to estimate the valuation of small and medium size companies using geographically comparable information
Connectivity in the technology transfer process among local ASEAN firms
The determinants of dual listing decision of firms from ASEAN-5
Company valuation with comparable selection and industry classification
The market approach to comparable company valuation : with 26 tables
Option-Style Multi-Factor Comparable Company Valuation for Practical Use
Option-Style Multi-Factor Comparable Company Valuation for Practical Use
Illiquidity and under-valuation of firms
Valuation of Closely-Held Firms: Another Look
Earnings stability and peer selection for indirect valuation
Selecting comparables for the valuation of European firms
Selecting Comparables for the Valuation of European Firms
A proposal to estimate the valuation of small and medium size companies using geographically comparable information
Connectivity in the technology transfer process among local ASEAN firms