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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.

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.

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.

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.

Earnings per share (EPS) is a key ratio which must be disclosed in the financial statements of South African listed enterprises. It is used to compare the performance of an enterprise over time and to compare its performance with that of other enterprises. Financial analysts also use EPS to calculate the price-earnings (PE) ratio. In South Africa, listed companies are required to disclose three EPS measures, namely basic EPS (BEPS), diluted EPS (DEPS) and headline EPS (HEPS). This article reports on the results of a study of financial managers' perceptions of the importance of HEPS and the actual disclosure practices relating to HEPS in selected listed companies' annual reports. This article also reports on financial managers' perceptions of selected other accounting measures of performance (such as EPS) and other financial indicators not ordinarily found in the annual report (such as the PE ratio), of the importance of EPS measures in general and of headline EPS in particular. The study found support for HEPS, compared to other per share measures, despite misconceptions regarding the objective of HEPS. The study also found that 95% of the selected companies disclosed HEPS together with the required reconciliation. However, half of the companies contravened the headline earnings definition. As a result, approximately one third of all selected companies overstated their HEPS. [PUBLICATION ABSTRACT]

The purpose of the research is to prove the implementation of the concept of sales growth, firm size, profitability, and Earning Per Share (EPS) in manufacturing companies listed on the Indonesia Stock Exchange. Research method using data analysis techniques using path analysis, variable independent used more than one variable and among independent variables, there is a causal relationship. The results of the study found sales growth affects profitability in manufacturing companies, larger companies will tend to have higher profitability, profitability affects earnings per share. This research proves the concept of sales growth, size, profitability, and EPS occurs in manufacturing companies listed on the Indonesia Stock Exchange.

Purpose Sponsorship is a major contributor to income in the South African sports arena, and is a critical component allowing sports unions to remain financially viable and sustainable. Sports sponsoring companies, however, have long questioned the financial returns generated from these ventures. The purpose of this paper is to understand whether financial returns of companies with sports sponsorship in South Africa are significantly different to those without. This research was conducted on Johannesburg Stock Exchange (JSE) listed companies that sponsored sport consistently between 2000 and 2015 for a period of two years. A quantitative methodology was employed whereby share price, revenue and earnings growth were analysed, comparing firms that did not adopt strategies involving sports sponsorships to those that did. Design/methodology/approach A quantitative methodology was employed, whereby share price, revenue and earnings growth were analysed, comparing firms that did not adopt strategies involving sports sponsorships to those that did. South Africa is an emerging market and a member of the BRICS Forum ranked 14th in the sport sponsorship market globally (Sport Marketing Frontiers, 2011), becoming increasingly dominant in the global sports industry (Goldman, 2011). The population consisted of JSE-listed Main Board and alternative exchange companies that participated in any form of consistent sports sponsorship in the given time frame: 2000-2015, where the company’s share price, revenue and earnings per share (EPS) data for the period were available from the INET BFA database. The JSE is ranked 17th in terms of market capitalisation (over $1 trillion) in the world, being the largest stock exchange on the African continent with over $30bn being traded on average monthly. Multiple journals today publish research done on the JSE, for example the International Journal of Sports Marketing and Sponsorship, Investment Analysts Journal and the South African Journal of Accounting Research. This stock exchange is 125 years old and has over 400 listed companies of which 358 are domestic (Kruger et al., 2014). Findings Results show that companies involved in sports sponsorship during the period analysed did not experience enhanced share price or revenue growth in excess of those companies not involved in sports sponsorship. As a whole, sports sponsoring companies did however experience greater income growth (EPS) than those companies not involved in sports sponsorship. Enhanced revenue growth was found in the consumer services sector, indicating that sport sponsorship in this sector drives brand image and recall resulting in enhanced revenues. These results though indicate that a multitude of differing objectives may exist for companies engaging with sports sponsorship, with increased sales not the singular objective. In general it is concluded that sports sponsorship is considered to achieve a broad spectrum of outcomes that are likely to contribute to increased profitability. Research limitations/implications The relatively small size of 40 firms on the JSE in the South African sports sponsorship market is a limitation for this research. The purely quantitative approach limited the ability to gain the required level of insight into those sectors with small samples, which a qualitative study would reveal. SABMiller as example could not be analysed against its sector peers, given that it is one of the most prominent and consistent sports sponsors in South Africa across all major sporting codes. The telecommunications sector was represented entirely by companies that were involved in sports sponsorship and, hence, no in-depth comparison could be conducted within this sector. Vodacom, a major sponsor of sport in South Africa, could not be compared with its peers utilising purely financial and statistical methods. Cell C is one of the most prominent sponsors of rugby in South Africa, through its title sponsorship of the Cell C Sharks, and was not included in this study as it is not listed on the JSE. It is suggested that such companies should be included in a qualitative study approach. Practical implications The results of the Mann-Whitney U test for the consumer services and financial sectors confirm no significant difference in EPS growth for companies utilising consistent sports sponsorship as part of their marketing mix to those that do not. The consumer services sector has seen above-average revenue growth from sports sponsorship compared with its sector peers; however, the sector was unable to convert this increased revenue growth into increased profits, suggesting that the cost of sponsoring, as well as the operating costs associated with sports sponsorship, counteract any growth in revenue. Social implications The sample of sports-sponsoring companies experienced a larger annual mean EPS growth rate of 30.6 per cent compared to the remaining JSE Main Board companies which grew EPS annually at 27.4 per cent. The results of the Mann-Whitney U test confirm a significant difference in EPS growth for companies utilising consistent sports sponsorship as part of their marketing mix. From a practical interpretive perspective, this result reveals that those companies in South Africa involved in sports sponsorship consistently attain greater than market-related profit growth. This poses some interesting points for discussion, given that revenue growth was not statistically different, which suggests that many sponsors are utilising the sponsorships for purposes other than sales growths that result in a profitable outcome. The potential range of options is large but would likely comprise the creation of stronger supplier relationships, resulting in optimised business inputs. Sponsors might be utilising sponsorships to improve corporate social status, which assists them in creating regulatory compliance, in some instances. Additionally, these sponsorships may be utilised to maintain key client relationships that provide the highest levels of profitability, and whilst this might not grow revenue through new business acquisition, it may result in higher profitability as a result of a loyal and stable customer base. Originality/value Much of the available research focusses on the sponsorship of specific sporting events and the share price impact thereof at specific occasions like the announcement, renewal and termination. Where research is conducted across a multitude of sporting events and codes, this predominantly focusses on share price performance only, with varying and somewhat inconclusive results. There is little research focussing on wider, more comprehensive sets of sponsored events and sporting codes, and that seeks to provide an understanding of financial returns for sponsoring properties. In a study of more than 50 US-based corporations it was found that, as a group, corporations which consistently invested in sports sponsorships outperformed market averages, and that those with higher sponsorship spend achieved higher returns (Jensen and Hsu, 2011). The study utilised descriptive statistics. More analysis, utilising detailed statistical analysis, is required to better understand the effects of sponsorship on the wider set of variables analysed. In this case, a five-year compound annual growth rate was calculated for stock price appreciation, total revenue, net income and EPS, and analysed descriptively with only means and standard deviation. Measurement of such variables assists with an understanding of the materialized results of sponsorship as opposed to much of the work in this field, which analyses market reactions to sponsorship announcements.

This study aims to examine and analyze the impact of Environmental Performance as measured by the result of PROPER (Pollution Control Evaluation and Rating) assessment and the implementation of ISO 14001 environmental management system (EMS) to the financial performance, based on the value of Earning Per Share in manufacturing companies which are listed in Indonesia Stock Exchange and being PROPER participants from 2012 to 2016. The results of this study indicated that simultaneously environmental performance and the Implementation of Environmental Management System (ISO 14001) has no significant effect on the financial performance. The Environment Performance partially has significant effect on the financial performance while the Implementation of Environmental Management System (ISO 14001) partially has no significant effect on the financial performance.