Vol. 10, No 2, 2013 pp. 191 - 204
UDC 336.76
ANALYSIS OF THE EARNINGS-RETURN RELATION IN SERBIAN CAPITAL MARKET
Milan Čupić1, Mirjana Todorović1, Nadica Ilić2
1Faculty of Economics, University of Kragujevac
2Fiat Services d.o.o., Kragujevac
The earnings-return relation has been the subject of numerous studies since the first study of this relation conducted by Ball and Brown in 1968. These studies are relatively rare in transition economies due to specific economic environment and less developed capital markets. Despite the differences in accounting practice and the level of capital market development, empirical studies usually find a significant and positive association between accounting earnings and stock returns both in the developed and transition economies. However, these studies usually find lower level of accounting earnings value relevance in transition economies. This could be due to lower efficiency of stock markets, bank orientation of financial systems, code-law legal system, and lower timeliness of accounting earnings in transition economies. The objective of this paper is to investigate the possible influence of accounting practice and regulatory framework, as well as the level of development of the capital market on the value relevance and the association between accounting earnings and stock returns in the Serbian capital market.
Key Words: accounting earnings, stock returns, accounting practice, capital market
ANALIZA VEZE IZMEĐU DOBITKA I PRINOSA NA TRŽIŠTU KAPITALA U SRBIJI
Veza između dobitka i prinosa je bila predmet brojnih studija nakon objavljivanja prve studije ovog odnosa koju su sproveli Bol i Braun (Ball and Brown) 1968. Ove studije su relativno retke u tranzicionim ekonomijama zbog posebnosti ekonomskog okruženja i nerazvijenosti tržišta kapitala. Uprkos razlikama u računovodstvenoj praksi i stepenu razvijenosti tržišta kapitala, empirijska istraživanja uglavnom ukazuju na postojanje značajne i pozitivne veze između računovodstvenog dobitka i tržišnih prinosa, kako u razvijenim, tako i u tranzicionim ekonomijama. Ipak, ove studije ukazuju na niži stepen uticaja dobitka na tržišne prinose u tranzicionim zemljama. Ovo može biti usled slabe efikasnosti tržišta kapitala, orijentisanosti finansijskog sistema na banke, evropsko-kontinentalnog pravnog sistema i slabe blagovremenosti računovodstvenih informacija u tranzicionim ekonomijama. Cilj ovog rada je da istraži mogući uticaj računovodstvene prakse i regulatornog okvira, kao i stepena razvijenosti tržišta kapitala na prirodu i jačinu veze između računovodstvenog dobitka i tržišnih prinosa na tržištu kapitala u Srbiji.
Ključne reči: računovodstveni dobitak, tržišni prinos, računovodstvena praksa, tržište kapitala.
