| dc.description.abstract | The study aims at investigating the relationship between cash flows volatility,
earnings volatility and firm value of listed companies on Ho Chi Minh Stock Exchange
from 2007 to 2016. In part I, the study tests the impact of volatile cash flows on firm value
in a long period from 2007 to 2016 and three sub-periods of Vietnamese stock market
including a boom (2007), a decline (2008-2009) and a recovery (2010-2016). In part II, the
relationship between earnings volatility and firm value as well as the investor preference
of earnings smoothened by contributions of cash flows and accruals are examined through
statistical analysis. Overall, the regression results indicate that the constructed models
could not provide statistical evidence to investigate those relationships. However, the study
empirically proves that cash flows volatility positively improves firm value in decline
period from 2008 to 2009.
Key words: firm value, cash flows volatility, earnings volatility, accruals
volatility | en_US |
