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The value relevance of alternative performance measures : empirical evidence from the Oslo stock exchange

Valltoft, Cathrine Olsen; Beckman, Anna Natalia
Master thesis
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URI
http://hdl.handle.net/11250/2481165
Date
2017
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  • Master of Science [1116]
Abstract
Companies disclose alternative performance measures, either to provide useful

information to the market, or for strategic purposes which can be misleading.

Using traditional price regressions, this study examines the value relevance of

alternative performance measures and whether alternative performance measures

are more value relevant than financial statement measures. The sample consists of

the 100 largest companies on the Oslo Stock Exchange with quarterly data from

2012 to 2016. We found alternative performance measures to be value relevant for

investors on the Oslo Stock Exchange. Further, we conclude that alternative

performance measures are more value relevant than financial statement measures;

however, this result should be interpreted with caution due to limited statistically

significant results. The findings of this study suggest that companies disclose

alternative performance measures to inform rather than mislead the market.

Keywords: Alternative Performance Measures; Non-GAAP Measures; Pro Forma;

Value Relevance
Description
Masteroppgave(MSc) in Master of Science in Business, Business law, tax and accounting - Handelshøyskolen BI, 2017
Publisher
BI Norwegian Business School

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