A firM's value consists of its assets-in-place and growth
opportunities: its investment opportunity set. IOS plays a major
role in determining a firM's corporate and accounting strategies,
and how the marketplace reacts to them. Riahi-Belkaoui shows how
IOS can be examined, measured, and used as one way to understand
the various accounting and nonaccounting strategies espoused by
management. His book fills a gap in the literature on this timely
and provocative topic, and provides useful knowledge for upper
management, academics, and graduate-level students.
The importance of the IOS concept is beginning to be
acknowledged in the literature of empirical accounting, finance,
and management. There, the investment opportunity set is introduced
as an explanatory or moderating variable of the relationship
between accounting and economic phenomena and various predictor
variables. Riahi-Belkaoui explicates a concept of growth
opportunities or IOS (Chapter 1) and provides a general model for
its measurement (Chapter 2). He shows its role in a general
valuation model based on dividend yield and price earnings ratio
(Chapter 3), in the relationship between profitability and
multinationality (Chapter 4), in the determination of capital
structure (Chapter 5), in a general model of international
production (Chapter 6), in a general model of corporate disclosure
(Chapter 7), in the relationship between systematic risk and
multinationality (Chapter 8), in a model of reputation building
(Chapter 9), and earnings management (Chapter 10). He goes on to
discuss its role in explaining the relative market value compared
to the accounting value of a multinational firm in Chapter 11, and
in differentiating between the usefulness of accrual and cash flow
based on valuation models in Chapter 12.
General
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