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The Value Relevance of Alternative Performance Measures: Evidence from the Oslo Stock Exchange

Stenheim, Tonny; Beckman, Anna Natalia; Valltoft Olsen, Cathrine; Madsen, Dag Øivind
Journal article, Peer reviewed
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Permanent link
http://hdl.handle.net/11250/2579977
Issue date
2018
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Original version
Journal of Governance and Regulation. 2018, 7 (4), 27-41.   10.22495/jgr_v7_i4_p4
Abstract
Companies disclose alternative performance measures (APMs), either to provide useful information to the market, or strategically in order to mislead the market. Using traditional price and return regressions, this study examines the value relevance of APMs and whether such measures are more value relevant than financial statement measures. The sample consists of the 100 largest companies listed on the Oslo Stock Exchange with quarterly data from 2012 to 2016. We find APMs to be value relevant for investors on the Oslo Stock Exchange. Furthermore, we conclude that APMs are more value relevant than financial statement measures. However, this finding should be interpreted with caution since the results are of limited statistical significance. Overall, the findings of this study suggest that companies disclose APMs to inform rather than mislead the market
Publisher
Virtus
Journal
Journal of Governance and Regulation

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