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The risk-return relation at the firm and industry level: an empirical analysis using Belgian accounting data
Ist Teil von
Applied economics, 1989-07, Vol.21 (7), p.913-920
Ort / Verlag
London, etc: Chapman and Hall Ltd
Erscheinungsjahr
1989
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
Most researchers who study risk-return relations take for granted that these relations are positive. The risk-return relation was analyzed empirically by means of a large database with accounting information on 3,250 firms in Belgium from 1977 to 1982. This allowed the firm level as well as the industry level to be considered. Risk is characterized by 3 variables related to the variability, predictability, and evolution of profits. These variables lead to the concepts of firm risk, representative firm risk, and industry risk. The empirical results show that the risk-return relation is strongly present when measuring profits with the cash flow-equity variable. For the 3 other profitability variables, the null hypothesis of no risk-return could almost never be rejected.