Determinants of Price Multiples for Technology Firms in Developed and Emerging Markets: Variable Selection Using Shrinkage Algorithm (Record no. 133375)

MARC details
000 -LEADER
fixed length control field 01855nas a2200205Ia 4500
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 240628c99999999xx |||||||||||| ||und||
022 ## - INTERNATIONAL STANDARD SERIAL NUMBER
International Standard Serial Number 0972-2629
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name Chauhan, Rajneesh
9 (RLIN) 119131
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name Joshi, Himanshu
9 (RLIN) 119132
245 #0 - TITLE STATEMENT
Title Determinants of Price Multiples for Technology Firms in Developed and Emerging Markets: Variable Selection Using Shrinkage Algorithm
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Name of publisher, distributor, etc. Vision: The Journal of Business Perspective
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Date of publication, distribution, etc. 2024
300 ## - PHYSICAL DESCRIPTION
Extent 55-66
520 ## - SUMMARY, ETC.
Abstract Globally, technology firms are characterized by high level of innovation, rapid obsolescence of technologies, high investment risk and unpredictability of future cash flows. All these make conventional discounted cash flow valuation methods inadequate for valuation of technology firms. This study aims to develop sector regression models for relative valuation of technology firms by evaluating firm-level determinants of price multiples. Results suggest that price to book is the most appropriate multiple for valuing developed market technological firms, whereas price to sales is the most apt multiple for emerging market firms. Variable selection by least absolute shrinkage and selection operator (lasso) validates that growth rate, research intensity and cash holding influence value of price multiples for both developed market and emerging market firms. Similarly, smaller firms tend to generate higher value of the multiples under both categories. Firms’ ESG practices is an important determinant of price multiples for developed market firms, however, it does not influence the multiples’ value for emerging market firms.
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Developed Market Firms
9 (RLIN) 119133
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Emerging Market Firms
9 (RLIN) 119134
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Price to Sale
9 (RLIN) 119135
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Economics
9 (RLIN) 2
856 ## - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="https://doi.org/10.1177/09722629211023011">https://doi.org/10.1177/09722629211023011</a>
999 ## - SYSTEM CONTROL NUMBERS (KOHA)
Koha biblionumber 133375
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        Dr VKRV Rao Library Dr VKRV Rao Library 28/06/2024 Vol. 28, No. 1   AI74 28/06/2024 28/06/2024 Article Index