Contaduría y administración
versión impresa ISSN 0186-1042
In this study, the value relevance of Mexican accounting variables is tested under econometric terms. The aim of the study is to provide evidence of the ability of Mexican accounting numbers to summarize the information underlying stock prices. The accounting variables used are from companies listed in the Mexican stock market from 1991 to 2003. The value relevance was operationalized using the Ohlson model criteria (1995) from the market-based accounting research field. The methodology employed is that described by Collins, Maydew, and Weiss (1997). The econometric results show that, under Panel Data Analysis, book value and earnings are value relevant in Mexican stock market companies, and only the book value is value relevant under Ordinary Least Squared Regression Analysis. In addition to the Ohlson model results, an alternative model is presented as a better proxy of the value relevance of the characteristics of Mexican information. The operative cash flow variable per share was identified as the third variable to be considered, and together with book value and earnings, constitutes the alternative model. The proposed alternative model was tested under the full-sample and Intangible versus Tangible economical classification. In these tests, the alternative model provides extra information and better statistics than the original Ohlson model.
Palabras llave : Ohlson Model; Value relevance; Panel Data; Empirical financial accounting.