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2023-03-01

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Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/195803

The market value of SMEs: a comparative study between private and listed firms in alternative stock markets

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Abstract

This study aims to compare the market value of private firms and publicly listed small and medium-sized firms (SMEs) in alternative stock markets through a private discount approach with estimates of value based on discounted cash flow projections and along with a comparable multiples approach. The valuation methodology applied in this study yielded a final sample that included 232 observations between public and private companies in the Spanish market. To calculate the discount, we apply the different approaches of discounted cash flow and multiples, such as valuation, earnings, book value, and revenue. Our results conclude there is no private discount, instead, the outcomes of this article suggest a premium over public firms for some ratios (...)

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https://doi.org/10.1007/s10436-022-00420-z

Subject

Petita i mitjana empresa, Empreses, Valor (Economia), Finançament de l'empresa

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Small business, Business enterprises, Value (Economics), Business finance

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Articles publicats en revistes (Empresa)

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RODRÍGUEZ-VALENCIA, Leslie, LAMOTHE-FERNÁNDEZ, Prosper and ALAMINOS AGUILERA, David. The market value of SMEs: a comparative study between private and listed firms in alternative stock markets. Annals of Finance. 2023. Vol. 19, num. 95-117. ISSN 1614-2446. [consulted: 16 of October of 2026]. Available at: https://hdl.handle.net/2445/195803

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