The impacts of business cycles on the residual income valuation model: Empirical results from Taiwan stock markets

IF 5.6 Q1 MANAGEMENT

Asia Pacific Management Review Pub Date : 2025-09-01 DOI:10.1016/j.apmrv.2025.100366

Yu-Hong Liu, Tang-Lin Hwang

引用次数: 0

Abstract

This research offers an additional asset pricing valuation viewpoint that combines theory with practice, enabling investors and fundamental analysts to either establish or adjust their portfolios if there is a trend to reverse the current economic atmosphere affected by financial and economic uncertainty (Liu & Chu, 2024). It presents a mixed model based on the residual income valuation (RIV) framework of Ohlson (1995), incorporating two new factors: business cycles and financial items. The former helps valuation models predict stock prices (Bolten & Weigand, 1998), while the latter is useful at stock pricing models (Huang & Zhang, 2012). We find that both business cycles and disaggregated financial components significantly influence stock valuation, and that the impact of accounting items in financial reports varies across different business cycles.

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经济周期对剩余收益估值模型的影响：来自台湾股票市场的实证结果

本研究提供了一种理论与实践相结合的额外资产定价估值观点，使投资者和基本面分析师能够在受金融和经济不确定性影响的当前经济环境出现逆转趋势时建立或调整其投资组合（Liu & Chu, 2024）。在Ohlson（1995）的剩余收益评估（RIV）框架的基础上提出了一个混合模型，并纳入了两个新的因素：商业周期和财务项目。前者有助于估值模型预测股票价格（Bolten &; Weigand, 1998），而后者则有助于股票定价模型（Huang &; Zhang, 2012）。我们发现商业周期和分类财务成分都显著影响股票估值，并且财务报告中会计项目的影响在不同的商业周期中有所不同。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia Pacific Management Review MANAGEMENT-

CiteScore

8.00

自引率

4.50%

发文量

期刊介绍： Asia Pacific Management Review (APMR), peer-reviewed and published quarterly, pursues to publish original and high quality research articles and notes that contribute to build empirical and theoretical understanding for concerning strategy and management aspects in business and activities. Meanwhile, we also seek to publish short communications and opinions addressing issues of current concern to managers in regards to within and between the Asia-Pacific region. The covered domains but not limited to, such as accounting, finance, marketing, decision analysis and operation management, human resource management, information management, international business management, logistic and supply chain management, quantitative and research methods, strategic and business management, and tourism management, are suitable for publication in the APMR.