| This paper applies and extends Ohlson (1995)¡¦s model to examine the role of several non-accounting measures as pricing factors in the valuation models of photovoltaic industry over the period January 2001 to December 2010. By applying data of photovoltaic companies listed on the Taiwan Stock Exchange Corporation and the GreTai Securities Market, the empirical results show that not only the financial and non-financial performance indicators among firm specific factors but also industrial and macroeconomic variables are value relevant. In sensitivity analysis, the evidence indicates that industrial and macroeconomic variables are value relevant, no matter the price of the period or the lagged period is included. |
Updated 03/19/2014