Chapter 1

THE PROBLEM AND ITS BACKGROUND

Introduction

Investors tend to look at companies differently. They may favor some companies

over the others, and this is primarily caused by of a lot of factors. A helpful metric in

order to get a better idea of how investors view a company is by looking at the liquidity

of its stock in the market. According to Lucas (2018), liquidity is defined as the belief of

people that assets can be traded for cash on short notice, predictable terms, and

without undue labor costs. Not only do investors have different views about companies,

but they also use different tools in order to evaluate them.

Since the inception of “investing”, investors have constantly searched for a better

way to determine whether they would get a decent return from their prospective

investments. In order to do this, an obvious course of action would be to examine the

financial performance of companies. “The analysis of financial performance reflects the

financial position of the company, the level of the competitiveness in the same sector,

and a thorough knowledge about the cost and profit centres within the firm”

(Mohammadi & Alek, 2012). The financial performance of a company can be evaluated

in different categories such as Efficiency, Profitability, and Solvency. Earnings are also

important since they are used as a summary measure of firm performance by a wide

range of users (Dechow, 1993).

1
 Investors tend to crunch a lot of information before deciding to invest in a

company. In theory, the liquidity of a stock impacts its financial performance.

Consequently, the researchers aim to determine whether there is indeed a relationship

between the Stock Liquidity and Financial Performance in publicly listed companies in

the retail-service sector in the Philippines.

Background of the Study

Corporations need funds to execute their planned activities for the year or a

certain period to further improve their financial performance. However, funding can be

difficult to gain from normal operations only and they have to engage in financing

activities such as equity transactions. Stock volume and stock prices is a way to

measure a company’s financing activities in equities. Therefore, it is expected for the

publicly-listed companies to improve their financial performance if they have high stock

liquidity as it promotes high funds for corporations to implement their activities.

Stock liquidity is one of the most important factors of asset pricing. For instance,

investors will request higher premium for low liquidity securities, otherwise, they will

request for lower rate of return. (Cheng, 2017)

Stock liquidity could be measured by the stock volume transactions a company

had and its stock prices on a given period or a time period. Stock volume transactions is

the measure of how many times the stocks of a given company are traded. Stock prices

2
is the cost of a company’s stock to the shareholders if they purchased it or sold their

held shares.

Stock liquidity can be seen through bid-and-ask spread volume. The bid price is

the price of the stock the shareholder will be willing to buy, while the ask price is the

price of the stock the shareholder will be willing to sell. If the bid and ask price met on

the same price, large volume of transactions is expected on the stock.

The spread volume between the bid and ask price implies the volume of the

stock. If the spread volume between the bid and ask price is large, it implies for illiquidity

of the stock or low stock volume. If otherwise, it implies that the stock is liquid or has a

high stock volume.

Financial performance could be quantified by various measurements. It is the

performance of a company based on their issued financial statements whether a

company operated on a given period or time period above or below market or industry

expectations. Financial performance could be measured by ratios as well as other

approaches.

Financial performance is important especially for a company’s stakeholders as

this would give them whether the company is performing good or bad. Stakeholders

includes trade creditors, bondholders, investors, employees, management and the

shareholders. These stakeholders uses and evaluates financial performance in different

ways and methods that will cater their needs from the company as well as their next

decision.

3
Issued financial statements of the company includes the Financial Position or Balance

Sheet, Income Statement and Cash Flow Statement. Each of the statement gives a

financial overview of the company for a given period and most of the time, it can also

provide a comparative review of the company’s quantitative performance. Financial

Position gives the cumulative performance of a company from its assets, liabilities and

equity. Income Statement provides a periodic performance of a company based on its

revenues, expenses or costs and its income or profit. Cash Flow Statement give the

stakeholders an overview of the actual transactions of the company in a given period. It

also gives a reconciliation between the company’s profit and cash flow, and gives an

idea whether the company invest most of their cash in operations, investments or

financing.

The retail service or retailing is the set of business activities that adds value to the

products and services sold to consumers for their personal or family use. Retail service

not only includes the trade of goods or sale of produces in a store, it can also include

sale of services such as hotel services, doctors’ examination, haircuts, rentals or even

food deliveries. Retail service is a key component in the supply chain that connects the

manufacturers to the consumers. The supply chain is the set of firms that make and

deliver goods and services to consumers. Goods will be first produced by

manufacturers and sold in bulk to the wholesalers, then it will be purchased in bulk by

the retailers so that it can be sold in small amounts or quantities to the consumers. (Levi

& Weitz, 2012)

4
Retailers also provide assortment of products and goods to the consumers that enables

them to choose from a wide selection of products. They are also responsible for the bulk

breaking of products produced by manufacturers so that the consumers can buy the

goods in smaller and useful quantities. They also hold inventory for the manufacturers

so that when the consumers needed the products, a stock will be readily available for

them.

The biggest companies operating in the Philippines under the industry are Metro Retail

Stores Group, Inc., Philippine Seven Corporation, Puregold Price Club, Inc., Robinsons

Retail Holdings, Inc., SSI Group, Inc. and Wilcon Depot, Inc, which are involved in

selling various selection of goods and services offered to the consumers.

Theoretical Framework

This study is designed to determine the relationship which governs stock liquidity

and the financial performance of firms engaged in retail service listed in the Philippine

Stock Exchange (PSE). The following theoretical basis were considered by the study:

agency theory, human uncertainty principle, Amivest model for liquidity, Tobin’s Q

theory of investment.

Agency Theory

Agency, according to Ross (1973), is a relationship between two (or more)

parties in which one (agent) acts for or on behalf of the other (principal). The

theory of agency has been used widely as a basis for accounting research

5
because modern companies have separated ownership interest and

management. The managers act as the agents of shareholders of the firm. The

theory posits that a problem arises when self-interest of the agents (managers)

does not coincide to the interest of the company and to its shareholders (Dalvi

and Baghi, 2014). The theory also hypothesizes that as managers try to

maximize their own benefit, they do so in the form of increased net profit,

improved return on investment, and a positive effect on the stock price since

management compensation are heavily dependent upon those factors (Karami et

al., 1387; Dalvi and Baghi, 2014). Thus, in agency theory, as managers

maximize their self-interest, the firm’s performance improves and such

information, when received by investors, influence their stock trading volume.

Human uncertainty principle

The human uncertainty principle is a framework theorized by George

Soros. His framework explains the relationship between how an investor thinks

about a perceived reality and how such thinking affects reality itself. The principle

is separated into two propositions: fallibility and reflexivity. Fallibility states that

the view of a rational person will “never perfectly correspond to the actual state of

affairs.” Although people may gather information and knowledge, their analysis

will always be either biased or inconsistent or both. Reflexivity follows fallibility

because the principle is based on rational individuals making decisions based on

imperfect (biased or inconsistent) information. Reflexivity dictates that the belief

of investors in an efficient market will influence the way they invest and their

6
 investments, in turn, will affect the nature of the market they invested in. The

human uncertainty principle, then, posits that rational investors will always base

their tradings on imperfect information; such information will lead them to believe

that some stocks are profitable and their investments upon such stocks may

increase its value which, in turn, will increase the volume of tradings on such

stocks.

Figure 1. ​Virtuous and vicious cycles

Amivest model

The Amivest model of measuring stock liquidity is introduced in the study

of Cooper, Groth & Avera (1985). It is a liquidity ratio which is measured by a

stocks trading volume and its corresponding price. It determines the dollar

volume of trading necessary to increase or decrease a given stock’s price by 1%.

The total dollar volume is represented by the daily closing price of the stock and

7
its daily share volume. The Amivest model is used because it only considers the

liquidity of individual stocks and not the market as a whole, which is accurate for

the current study.

Tobin’s Q model

The Tobin’s Q model has been used by numerous studies as a proxy for

financial performance. It is a model developed by James Tobin in 1968 to identify

profitable investments. Although there have been different versions of Tobin’s Q

(standard Tobin’s Q, Ross and Lindberg Tobin’s Q, Average and marginal

Tobin’s Q, to name a few), the “Q” represents the ratio of the market value of a

firm’s assets and its replacement cost. The model dictates that ​q ≥ 1 , must

always stand true in order for a firm to be considered profitable and a larger ratio

indicates better financial situation and a higher generation of cash. The Tobin’s Q

model is used as a measure for financial performance since it can determine

profitability without being affected by earnings management and profit smoothing

done by a firm. It is also an public information used by investors in trading.

8
Conceptual Framework

Figure 2.​ Conceptual framework of the relationship of stock liquidity and financial

performance of a company

Objectives of the Study

The general objective of this study is to determine the relationship of stock

liquidity and financial performance of Philippine publicly listed companies in the

retail-service sector from periods starting 2013 to 2017. The specific objectives of the

study are to determine the:

(1) stock liquidity of respondent companies in the retail-service sector based

on the stock volume transactions and stock prices from the periods 2013

to 2017 using the Amivest model,

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 (2) financial performance of respondent companies in the retail service sector

based on the financial statement issued for the periods starting 2013 to

2017 using the Tobin’s Q ratio, and

(3) relationship of stock liquidity and financial performance of respondent

companies in the retail-service sector from periods starting 2013 to 2017

through their Amivest model and Tobin’s Q ratio.

Scope and Limitation

The result of this study will be based on the financial statements issued on the

periods starting from 2013 to 2017 and information on the stock transaction volume and

the stock prices available from the Philippine Stock Exchange from 2013 to 2017 of the

Philippine publicly listed companies in the retail-service.

Limitations of the study include:

● the period for the data will only cover the unaudited financial statements

issued for the quarterly periods from years 2013 to 2017 and financial

statements covering prior and after the mentioned periods are not

included,

● the data that will be gathered will only come from the financial statements

of publicly-listed companies and not of privately-held companies,

● the data will only come from the publicly-listed companies in the

retail-service sector as categorized by the Philippine Stock Exchange and

will not include companies from the other sectors and sub-sectors,

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 ● the study will only include the publicly-listed companies registered and

reporting to the Securities and Exchange Commission of the Philippines

and will not include companies that is not registered, operating and

reporting to the Commission, and

● the study will not take into consideration the other factors, whether it is

internal or external, affecting the companies’ stock liquidity and its

financial performance.

Significance of the Study

The study could provide a measure or a benchmark for the top management of

how well their financial performance are given their stock liquidity through its stock

volume and stock price. Since, stock market fluctuations could not provide the

companies an ample basis on how it could affect their financial performance in each

period as certain macroeconomic factors and market variations can also affect their

equity. Through this study, the top management could determine how their financial

performance should be based on the industry given the change in their stock price as

well as the volume of their stock transactions.

The result of this study could help the top management employ devices that can

detect any deficiency that affects their financial performance arising from equity

transactions. The companies could then establish strategies that can help them secure

their financial performance based on their current stock transaction standing.

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 The study could also help the shareholders determine if the stocks of the

company they own perform well financially partially because of their liquidity. The

shareholders can see if the stocks they own is worth the time being invested or another

decision should be made.

The study could also help the creditors of the company to predict the financial

stability of companies whom they intend to do business with through providing

additional funding for them. The same is also true to creditors who have already lent

some money to the same.

Lastly, this study could contribute to the scantly available literature on the

retail-service sector of the Philippines as well as to the literatures covering financial

management of Philippine companies.

Definition of Terms

Financial Performance​ - ​ measure of how well a firm can use assets from its

primary mode of business and generate revenues. (Investopedia)

Liquidity​ - ​refers to how easy it is to buy and sell shares of a security without

affecting the asset's price. ​(Investopedia)

Philippine Stock Exchange (PSE)​ - the only stock exchange in the Philippines.

(​www.pse.com.ph​)

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Philippine Stock Exchange index (PSEi)​ - the main index for PSE which is

composed of a fixed basket of thirty (30) listed companies. ​(​www.pse.com.ph​)

Stock​ - is a type of security that signifies ownership in a corporation and represents a

claim on part of the corporation's assets and earnings. (Investopedia)

Stock Price​ - quoted closing price of the stocks that can be found in the

Philippine Stock Edge.

Stock Transaction Volume ​- A stock's volume refers to the number of shares that are

sold, or traded, over a certain period of time (usually daily).

Tobin’s Q Ratio​ - ​equals the market value of a company divided by its assets'

replacement cost, adjusted to reflect only the market value of the company’s

equity.

Volume​ - is a measure of how much of a given financial asset has been traded in

a given period of time. (Investopedia)

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 Chapter 2

REVIEW OF RELATED LITERATURE AND STUDIES

Foreign Literature

The stock market is an important component of the financial sector in promoting

economic development (Ho & Odhiambo, 2015). This entails that in order for a country’s

economy to prosper, its stock market should be fundamentally sound enough to support

its growth. Hence, a need for the investing public to determine the right companies to

invest in. One important metric is to find out how liquid a company’s stock is.

Liquidity has been defined as the “‘ability to buy and sell large quantities of an

asset quickly and at a low cost” (Chordia, Sarkar & Subrahmanyam, 2003). Cooper,

Groth & Avera (1985) introduced a model that determines the amount of volume in the

trading of a stock that will result to 1% change in its price. The liquidity ratio emphasizes

the relationship between the trading volume and the price of a stock which is the two

variables considered in the study of Wyss, (2004).

A firm’s financial performance can be measured by various methods. In a study

conducted by Al-Matari, (2014), two broad classifications of measurement techniques

are discussed: (1) accounting-based measurements and (2) market-based

measurements. Accounting-based measurements are generally considered to

effectively reflect a company’s profitability in the short term. Among the

accounting-based measurements enumerated in the study are: return on assets (ROA),

14
return on equity (ROE), earnings per share (EPS) and etc. Market-based

measurements, on the other hand, are forward-looking performance measurements and

reflects shareholder expectations. Among the market-based measurements are: Tobin’s

q, market value added (MVA), price-earnings ratio (PE), etc. According to Bo (1998),

one of the advantages of Tobin’s Q is that it explicitly considers future profitability, and

hence should account for the effect of uncertainty embedded in the future variables that

are relevant to investment decisions. In addition, the Tobin’s Q model is used as a

measure for financial performance since it can determine profitability without being

affected by earnings management and profit smoothing done by a firm. Therefore,

Tobin’s Q can be a reliable proxy for financial performance for a lot of today’s investors.

Furthermore, since the Tobin’s Q is reliant on the firm’s Market Value, and the market

value of a firm’s stock in the market is heavily influenced by its liquidity, it can be

inferred that stock liquidity can influence Tobin’s Q, a proxy for a company’s financial

performance

According to Fang, Noe, and Tice (2009), liquid stocks tend to have higher firm

market value. Stock liquidity is one of the most important factors of asset pricing. For

instance, investors will request higher premium for low liquidity securities, otherwise,

they will request for lower rate of return. (Cheng, 2017). They also have liquidity

premium, on that, highly liquid firms tend to have lower required rate of return and their

stocks could be traded at a premium. They also have high firm value ratios as they are

overvalued, and overconfident investors underreact to the information in order flow

15
which lowers the price impact of trades and boosts liquidity. In fact, according to

Heidapour et.al. (2012), stock liquidity attracts price increases in a stock.

On a research conducted by Singh et.al. (2015) on companies under NIFTY 50

of National Stock Exchange of India Ltd., there is a positive relationship between

independent variables, return and age on dependent variable Tobin’s Q. Further

relationship between stock market liquidity and firm performance was also checked and

it was found that stock market liquidity was correlated with higher firm performance as

measured by Tobin Q. Dalvi and Baghi (2014) and Uno and Kamiyama (2010)

calculated stock market liquidity and firm performance relationship using the same

methodology and found that independent variables return, market to book value, zrlog.

index, log age depends on Tobin Q. Furthermore, Sidhu, (2016) conducted a research

with the aim of finding a relationship between stock market liquidity and firm value.

Control variables were used such as age and size of the firms that may affect the Q

ratio and results showed a positive relationship between the two main variables (stock

market liquidity and firm value) of the study. The study revealed that the value of the

firm may be enhanced by improving the stock’s market liquidity.

According to Bacidore et.al. (1997), measures of shareholder wealth creation

focus on the firm's stock price performance and seek to determine how much

shareholders increase their wealth from one period to the next based on the dividends

they receive and the appreciation in the firm's stock price. Essentially, such

trading-based performance measures assess how well an investor would have done if

he or she had purchased a share of stock at the beginning of the period and sold it at

16
the end. They added that an operating measure of current performance focuses solely

on the performance of the firm in a given period; a trading-based measure of

performance captures revisions in the market's beliefs about the firm's entire future

stream of operating performances. If stock markets are efficient and we examine a

sufficiently long-time horizon, these two measures will converge.

17
Local Literature

Financial information used in order to measure a company’s financial

performance are obtained by looking at the company’s Financial Statements. According

to Valix, (2016), financial statements provide information about a company’s assets,

liabilities, equity, income and expenses (including gains and losses), the contributions

by and distributions to owners in their capacity as owners, and the cash flows. The

amounts reported in the financial statements represents the book value of the line item

being considered. The book values are used in some of the models in the measurement

of the q ratio discussed previously. Valix also stated that financial performance is

composed of the company’s revenue, expenses and net income of loss for a given

period. Performance is defined as the level of income a company earned by efficiently

and effectively utilizing its available resources.

Foreign Studies

Wyss, (2004), in his study, provided four aspects of liquidity: trading time,

tightness, depth, and resillency. Trading time is the “ability to execute a transaction

immediately at the prevailing price which can be measured by the number of trades in a

given time. Tightness is the “ability to buy and sell an asset at about the same price at

the same time. Different versions of spread (e.g. bid-ask spread and effective spread)

are used to measure the tightness of a security. Depth is the ability of an investor to buy

and sell assets “without influence on the quoted price”. The last aspect, resiliency,

18
considers supply and demand and is the ability to buy and sell assets “with little

influence on the quoted price. In measuring the market liquidity of a stock.

In the measurement of financial performance, Sang, (1998) studied the different

models used in the determination of the Q ratio for Canadian firms. The study

determined the appropriateness and the differences of the five models: (1) Simple q

Estimator, (2) Benchmark q Estimator, (3) Modified Lindenberg and Ross (LR) q

Estimator, (4) Hall’s q Estimator, and (5) Adjusted Hall’s q Estimator. The study showed

that the results generated by using the simple q estimator does not vary greatly with the

results obtained using the benchmark q estimator as well as the Lindenberg and Ross q

estimator. In addition, estimates using the Hall’s q estimator are significantly different

from the others.

Local Studies

Trading Economics define the Philippine Stock Exchange index (PSEi) as “a

major stock market index which tracks the performance of the most representative

companies listed on the Philippine Stock Exchange.” The index serves as a

representative in presenting the general movement of the Philippine stock market. In a

dissertation of Avedaño (2016), the volatility of the PSEi is determined in relation to

some macroeconomic economic factors such as exchange rate, money supply (M2), oil

prices, Gross Domestic Product (GDP), and Gross National Income (GNI). The study

identified a significant relationship between the macroeconomic factors and the PSEi. A

negative relationship is shown between the exchange rate the PSEi volatility.

19
Nevertheless, the other macroeconomic factors enumerated previously depicted a

positive association with stock prices which in turn affect the market liquidity of such

stocks. This means that volatility of the PSEi may affect the liquidity of the stocks listed

on the Philippine Stock Exchange.

Synthesis and Relevance to the Study

Numerous studies have been conducted to find a relationship between stock

market liquidity and a firm’s financial performance. Most of the research discussed

found a positive relationship between the two variables in their corresponding stock

markets. The difference in the method of measuring stock liquidity and financial

performance are also reviewed. From the related literatures discussed we have found

out that Tobin’s Q ratio is a reliable measure of financial performance because of its

consideration to future profitability and accounts for the uncertainty embedded in

investment decisions. Furthermore, we have found out that Amivest’s model for

determining a stock’s liquidity is also reliable as it considers both the volume and price

of a stock. Using Amivest’s model of determining a stock’s liquidity, and the Tobin’s Q

ratio as a proxy for the financial performance of a company, this study aims to

determine the relationship between the two variables. After collectively considering the

ideas and insights that we have accumulated from related studies and literatures, we

have inferred that the liquidity of a company’s stock is heavily associated to increases in

stock prices. They suggest that as stock prices increase, a firm’s market value, and

therefore its Tobin’s Q ratio which is a proxy for its financial performance, also

20
increases. This particular inference is an important contribution to this study as it

provided a groundwork where this study shall be built upon.

21
 Chapter 3

RESEARCH METHODOLOGY

Research Design

The study is a correlational research that aims to determine the relationship of

stock liquidity of a publicly listed company to its financial performance in a given period.

The study aims to determine whether a positive or negative correlation exists between

the variables of the companies operating in the retail service industry. It is also

determined to identify if the correlation existed within the time period, from year 2013 to

2017.

Population and Sampling Size

The population for the study is the publicly listed companies under the retail sub

sector of the service sector industry, generated from the Philippine Stock Exchange

Electronic Disclosure Generation Technology or PSE EDGE. The generated list from

PSE EDGE included 6 publicly listed companies and their listing date:

Publicly Listed Company Stock Symbol Listing Date

Metro Retail Stores Group, Inc. MRSGI November 24, 2015

Philippine Seven Corporation SEVN February 4, 1998

Puregold Price Club, Inc. PGOLD October 5, 2011

Robinsons Retail Holdings, Inc. RRHI November 21, 2013

22
 SSI Group, Inc. SSI November 7, 2014

Wilcon Depot, Inc. WLCON March 7, 2017

The sampling size will not be restricted and companies that will qualify with the

criterion from the judgment sampling method will be classified and included in the

sampling size. Using the judgment sampling method, to be discussed further below, the

samples generated are the following companies: Philippine Seven Corporation (SEVN),

Puregold Price Club, Inc. (PGOLD), and Robinsons Retail Holdings, Inc. (RRHI).

Sampling Technique

The researchers used the purposive sampling in order to generate a sample size

of three (3) retail companies out of the six (6) publicly listed companies in PSE.

Purposive sampling is a non-probability sampling technique in which researchers select

the sample that has a common characteristic and accurately fits the objectives of the

study. The sampling method is used due to the limited amount of retail companies listed

under the retail sub-sector of PSE. In addition, the method allows for sample selection

subject to a criteria:

● the company has been publicly listed for five years or longer;

● the company must be under the retail sub-sector of PSE;

● the company’s stock data and financial statements for 2013 to 2017 are

available.

23
Data Gathering Procedure

The researchers will use secondary data for the study. The financial performance

measure will be gathered by using the issued financial statements of the companies.

The financial statements will be gathered through the official websites of the companies,

as well as through the online and offline services of Securities and Exchange

Commission such as SEC i-View and SEC Express System.

The data for stock liquidity will be gathered from daily transactions, stock prices

and volume, available from Philippine Stock Exchange using the PseAPI, a public data

source for Philippine Stock Exchange End-of-Day Reports.

Statistical Treatment of Data

(1) Tobin’s Q

The study will utilize the simple q formula provided by Sang, 1998:

M V CE + P REF BK+ST DEBT +DS

qs = RCS

Where MVCE = Year-end market value of the firm's common stock

PREFBK = Year-end market value of the firm's preferred stock

STDEBT = Year-end market value of the firm's short-term debt

DS = Year-end market value of the firm's long-term debtassets

RCS = Year-end market value of the firm's total

24
 The simple Q ratio is used since the variables in the formula are available

in the financial statements issued publicly by companies. Furthermore, the

Tobin’s Q information produced by the study will use information from quarterly

reports issued by the selected samples from 2013 to 2017. This will result to a

modification in the formula in which quarter-end market and book values will be

used instead of year-end amounts.

(2) Amivest Model

The study will refer to the stock liquidity measure introduced by Cooper,

Groth & Avera (1985), where stock liquidity is identified by:

T otal dollar volume of the stock traded in the last x days/weeks/months P iV i

Absolute value of daily % price change of the stock in the last x days/weeks/months
or Σ│%ΔP i│
where P i = daily closing price f or stock i

V i = daily share volume f or stock i , ​and

Σ│%ΔP i│ = the sum of the absolute percentage of price changes f or stock i

In order to produce a more accurate presentation of the relationship

between financial performance and stock liquidity, the researchers will use a

modified version of the Amivest Model in order to reflect a quarterly stock liquidity

information:

P q iV q i
Σ│%ΔP q i│
where P q i = quarterly closing price f or stock i

V q i = quarterly share volume f or stock i , and

Σ│%ΔP q i│ = the sum of the absolute percentage of price changes f or stock i per quarter

25
 (3) Pearson’s Correlation Coefficient

According to Hall (2015), Pearson’s r is defined as the ratio of the

covariance of two variables representing a set of numerical data, normalised to

the square root of their variances, i.e.:

or, in more detail, for a set of N two-dimensional data points [x1, x2, . . . , xN ] and [y1,

y2, . . . , yN ], we have:

According to Gogtay & Thatte (2017), the result of the correlation coefficient formula can

be interpreted as follows:

26
27
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APPENDICES

33
http://www.hep.ph.ic.ac.uk/~hallg/UG_2015/Pearsons.pdf

http://sites.fas.harvard.edu/~ec970lt/Readings/March_14/Dechow 1994.pdf

https://ijbcnet.com/2-10/IJBC-13-2910.pdf.

https://www.researchgate.net/publication/307798152_Value_Relevance_of_Book_Valu

e_Earnings_Under_the_Local_GAAP_and_IFRS_Evidence_from_Turkey

https://www.researchgate.net/publication/316920642_The_Effect_Of_Earnings_Quality

_On_The_Predictbaility_Of_Accruals_And_Cash_Flow_Models_In_Forcasting_F

uture_Cash_Flows

http://www.sciencedirect.com/science/article/pii/0148619585900037​.

http://www.iosrjournals.org/iosr-jbm/papers/Conf.15010/Volume 2/26. 54-59.pdf

https://www.idosi.org/aejsr/12(1)17/6.pdf

https://www.researchgate.net/publication/271065423_The_Measurements_of_Firm_Per

formance's_Dimensions

http://qu.edu.iq/repository/wp-content/uploads/2016/11/35-9.pdf

https://files.stlouisfed.org/files/htdocs/publications/review/2014/q3/lucas.pdf

https://www.vivianfang.org/uploads/2/3/2/7/23272078/fangetal2009.pdf

34
http://hrmars.com/hrmars_papers/Article_15_Evaluate_the_Relationship_between_Com

pany.pdf

http://verdi.unisg.ch/www/edis.nsf/SysLkpByIdentifier/2899/$FILE/dis2899.pdf

https://www.georgesoros.com/2014/01/13/fallibility-reflexivity-and-the-human-uncertaint

y-principle-2/

https://edisciplinas.usp.br/pluginfile.php/159813/mod_resource/content/1/Ross.pdf

https://www.academicjournals.org/journal/AJBM/article-full-text-pdf/3C299A530538

https://hrcak.srce.hr/file/116928

https://www.researchgate.net/publication/234035626_An_Empirical_Study_of_Financial

_Performance_Evaluation_of_a_Malaysian_Manufacturing_Company

http://verdi.unisg.ch/www/edis.nsf/SysLkpByIdentifier/2899/$FILE/dis2899.pdf

35
https://www.theseus.fi/bitstream/handle/10024/112381/Thesis%20.pdf?sequence=1

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df?fbclid=IwAR1waqtdEm-_cE0gRf2qln5gZW1mdoYAqjHuzpgYW_EPztwmv_zzFugMm

OE

https://www.researchgate.net/publication/220278906_A_study_on_the_factors_affecting

_stock_liquidity

36