European Financial and Accounting Journal, 2022 (vol. 17), issue 3

Articles

Do Damodaran’s Multiples Value a Company Accurately? Evidence from Germany

Martin Husák

European Financial and Accounting Journal 2022, 17(3):5-21 | DOI: 10.18267/j.efaj.273  

The article examines the market valuation approach using industry market multiples as this method has recently attracted increasing interest from appraisers. It investigates whether constructing one’s own industry market multiples for company valuation which are based on a market approach provides better results than using Damodaran’s market multiples in terms of the resulting valuation accuracy. The study uses a sample of 162 German companies publicly traded in 2010–2019 and analyses some of the most frequently adopted multiples: EV/EBITDA, P/BV and P/E. Moreover, the presented results may guide the appraisers in selecting the most...

Comparison of the European Union Member States in the Field of Social Insurance in the Period 2007–2019

Jarmila Rybová, Iveta Sekničková

European Financial and Accounting Journal 2022, 17(3):23-47 | DOI: 10.18267/j.efaj.274  

The article aims to compare the Member States of the European Union in the field of social insurance over the selected period. In this context, it is necessary to identify the trend of changes in the period 2007–2019. The article answers two questions. First, whether there is a growth in the share of social insurance in the tax systems or not. The second question concerns the approximation of the Member States in the field of social insurance. The Eurostat database is a source of indicators that represent social insurance in the tax system of the individual Member States of the European Union. We used Ward’s method of cluster analysis to...

Case-Mix Accounting System Design in Social and Health Care Sector – The Mechanisms of Hybridization

Henri Teittinen, Janina Männikkö

European Financial and Accounting Journal 2022, 17(3):49-69 | DOI: 10.18267/j.efaj.275  

The purpose of this paper is to explore the design process of a case-mix accounting system. Particularly, we focus on hybridization, highlighting how nonfinancial staff became involved and interested in case-mix accounting. This study is a qualitative case study, illustrating the case-mix accounting system design in one case organization. We identified authority, competence, rhetorical, and scoring mechanisms. The authority mechanism provides the basis for the design of the case-mix accounting system; the competence mechanism supports the ability of personnel to participate in service design; the rhetorical mechanism makes things more vernacular; and...