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This study examines whether information about the winners of the Sustainability Reporting Award (SRA) contributes to the usefulness of the information in financial statements. This study used a sample consisting of 110 winners of SRA (SRA firms) and 110 companies that did not receive SRA (non-SRA firms) from 2008 to 2016. The study found that earnings per share (EPS), earnings per share change (EPSC), and book value per share (BVPS) are value-relevant information. Results of comparison between SRA firms and non-SRA firms show that the positive association between EPS and stock price (P) and the positive association of EPS with stock returns (R) for SRA firms are higher than that for the non-SRA firms. In addition, findings of this study indicate that EPSC is positively associated with R when EPSC and R are measured by Indonesian rupiah (IDR) instead of by percentage, and the positive association between EPSC and R for the SRA firms is higher than that for the non-SRA firms. Thus, the results are sensitive to measures of the variables. However, this study found that value relevance of BVPS for SRA firms is lower than for non-SRA firms. Implication of this study is that information about the winners of SRA contributes to the usefulness of financial statements, especially the information of EPS and EPSC.

Investors consider both earnings and dividend information when analysing the performance of an entity (Koppeschaar Koppeschaar, Sturdy, Du Toit, Deysel, Rossouw, Van Wyk, Gaie-Booysen, Papageorgiou, Smith & Van der Merwe, 2015). The objective of the study was to determine whether the share price performance of the top 40 JSE listed companies depend more on BEPS or DPS. The study focused on the top 40 JSE listed firms as sample, while data were collected for the period 2012 to 2016. Information was gathered on EPS, DPS and share prices with aid of the INET BFA database. Collected data were analysed through application of SPSS, by measuring Pearson correlation coefficients and performing paired t-tests. Study limitations included that the sample size was limited to 40 observations, that a limited analytic period was used (2012-2016) and that the study relied on the accuracy of information provided by the INET BFA. Generalisation of research findings is therefore limited. Despite limitations, the study made a worthy contribution by indicating that investors of the top 40 JSE listed firms should rather rely on earnings measures (BEPS) than return measures (DPS) when making investment decisions, because it was statistically proven that BEPS delivers higher Pearson correlation coefficients than DPS when correlations modelling is performed for the selected analytic period.

This study explores the achievement of both growth and environmental conservation by digital platform providers, employing financial performance and environmental impact data from six providers in the US and Japan. 1) The regression analyses confirm the Environmental Kuznets Curve (EKC) hypothesis in three combinations of earnings per share (EPS)–electricity consumption or waste generation, treasury stocks–water consumption, and an inverted N-shaped curve in the combination of EPS–Scope 2 CO₂ emissions. 2) The growing trend of Environment, Society, and Governance (ESG)-oriented investment has acted as competitive pressure on the providers for fundraising, especially in spurring them to disclose information. 3) Both increasing EPS to the verified thresholds and ESG-oriented management are deciding factors, and any advanced EPS and ESG-based approaches could contribute toward developing academic frontiers.

This study aims to determine the existence of practices of income smoothing in banks and insurance companies in Jordan. Also, it focuses the to determining the impact of the income smoothing on earning per share (EPS). The study covered all the companies in the study population, which are 38 companies – 15 banks and 23 insurance companies listed on the Amman Stock Exchange (ASE). The results show that income smoothing is practiced by Jordanian banks and insurance companies. The number (and percentage) of insurance companies that practiced income smoothing is greater than the number of banks: 34.8% of insurance companies and 20% of banks practiced income smoothing. The results also clearly indicate that financial institutions, which practice smoothing, have a higher EPS compared to those that do not practice income smoothing; this also indicates that the most important goal of using income smoothing is to maintain a positive earnings level.

The purpose of this study is to investigate the effects of fundamental factors, namely Quick Ratio (QR), Total Assets Turnover (TATO), Debt to Equity Ratio (DER), Price to Book Value (PbV), Net Profit Margin (NpM), Return on Assets (ROA), and Earnings Per Share (EPS) on the stock return of the listed defensive stock sector companies over the period 2016-2018. The research population included defensive stock sector firms that remained listed on the Indonesian Stock Exchange between 2016 and 2018. Purposive sampling was used to pick the sample, which consisted of 79 firms. The data collection technique used was documentation. Using the STATA 16 program, the research data were analyzed using the panel data regression approach with a significance level of 0.05. This analysis demonstrated that EPS, DER, NPM, and QR all had a negative, but not statistically significant, effect on stock return. PBV and TATO both had a favorable but negligible effect on stock return. Meanwhile, ROA produced a considerable positive and significant effect on stock returns.

PurposePrior studies have documented the phenomenon of rounding of analysts' earnings per share (EPS) forecasts in the USA. From the outset, it is unclear if analysts following Singapore firms also similarly engage in the rounding of their EPS forecasts. This study aims to investigate the extent to which analysts engage in rounding of EPS forecasts of firms listed on the Singapore Exchange.Design/methodology/approachThe author conducted his analysis on a sample of analyst EPS forecasts of companies listed on the Singapore Stock Exchange, downloaded from the International Brokers Estimate System (I/B/E/S). This sample consists of 24,219 annual EPS forecasts announced from June 2011 to September 2019. These forecasts were made for 285 unique firms by 48 unique analysts.FindingsThe author finds that there is substantial rounding of EPS forecasts, with 9.59% of EPS forecasts examined ending in five- or ten-cent intervals. In supplementary analysis, the author further finds that the level of rounding was comparable across two periods under examination, from 2011 to 2015 and from 2016 to 2019. The author also finds that there was substantial rounding even for forecasts of relatively large magnitudes (i.e. US$1.00 and above).Originality/valueThis study is the first to examine the rounding of analysts' EPS forecasts of Singapore firms. It extends the literature on analyst EPS forecasts and highlights how the phenomenon of rounding of analyst EPS forecasts of US firms extends to Singapore.

This study aims to analyze the effect of Earning Per Share (EPS), Debt to Equity Ratio (DER) and Return On Assets (ROA) on stock prices on manufacturing companies listed on the Indonesia Stock Exchange from 2015 to 2017. This type of research is used in This research is a quantitative research with a descriptive approach. The sample in this study is the financial statements of manufacturing companies that were on the Indonesia Stock Exchange from 2015 to 2017. The method of analysis in this study uses multiple linear regression analysis to determine the partial or simultaneous influence between two or more independent variables on one dependent variable. The results of this study explain that earnings per share has a positive effect on stock prices. While Debt to equity ratio and return on assets do not affect the stock price. Based on the results of this study concluded that Earning Per Share, Debt to equity ratio and Return on Assets affect the Stock Price.

This study aims to test and analyze the effect of capital structure, profitability, investment opportunity set, firm value, earnings per share, and dividend policy, on stock returns. Our research uses regression analysis to determine and analyze the influence of independent variables on dependent variables. The objects in this study are companies incorporated in LQ45 for the period 2013 - 2021. The reason for choosing LQ45 is because it is a type of index used to measure the price performance of stocks that have high liquidity and large market capitalization and are supported by good firm fundamentals. The results of the study found that the capital structure with indicators debt to equity ratio has a significant negative effect on stock return. Profitability with indicators return on equity and investment opportunity set with indicators price earning ratio have a positive and significant effect on stock return. While other findings from our study are firm value with price to book value indicators, profitability from the investor's point of view represented by earning per share indicators, and dividend policy with dividend payout ratio indicators have no effect on stock return.

Purpose The purpose of this paper is to detect quantitatively the existence of anchoring bias among financial analysts on the Tunisian stock market. Both non-parametric and parametric methods are used.Design/methodology/approach Two studies have been conducted over the period 2010–2014. A first analysis is non-parametric, based on observations of the sign taking by the surprise of result announcement according to the evolution of earning per share (EPS). A second analysis uses simple and multiple linear regression methods to quantify the anchor bias.Findings Non-parametric results show that in the majority of cases, the earning per share variations are followed by unexpected earnings surprises of the same direction, which verify the hypothesis of an anchoring bias of financial analysts to the past benefits. Parametric results confirm these first findings by testing different psychological anchors’ variables. Financial analysts are found to remain anchored to the previous benefits and carry out insufficient adjustments following the announcement of the results by the companies. There is also a tendency for an over/under-reaction in changes in forecasts. Analysts’ behavior is asymmetrical depending on the sign of the forecast changes: an over-reaction for positive prediction changes and a negative reaction for negative prediction changes.Originality/value The evidence provided in this paper largely validates the assumptions derived from the behavioral theory particularly the lessons learned by Kaestner (2005) and Amir and Ganzach (1998). The authors conclude that financial analysts on the Tunisian stock market suffer from anchoring, optimism, over and under-reaction biases when announcing the earnings.

In the field of corporate finance the question as to whether dividend policy affects the shareholders wealth still remains unresolved. The objective of this research paper is to establish the impact of dividend policy on shareholders’ wealth and firm performance in Pakistan. The conduct of dividend policy has been one of the most debatable issues in literature of corporate finance. Numerous researchers have attempted to reveal issues with respect to the dividend policy, however, we still don’t have a worthy explanation regarding the behavior of dividend policy. The variables used in this research are dividend policy, shareholders wealth, and firm performance. Dividend per share and dividend yield are used to measure dividend policy. For shareholders wealth, earning per share and share price are used as proxies. Return on equity is used to measure firm performance. From the regression result, it is found out that dividend policy has positively significant impact on shareholders’ wealth and firm performance. This study supported dividend relevance theory, signaling effect theory, bird in hand theory and clientele-effect theory. The study commends the implementation of stable, effective, managed and target-oriented dividend policy by firm’s financial managers along with effective supervisory framework governed by capital market regulatory bodies to uplift firms’ performance and shareholders wealth in Pakistan. Furthermore, appropriate firm disclosure with respect to dividend payout and dividend per share is needed to guard the potential investors in making the right investment choices in listed firms.