The use of the accounting beta as an overall risk indicator for unlisted companies
Why this work is in the frame
A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.
Bibliographic record
Abstract
Purpose The purpose of this research is to verify whether or not the accounting beta, a recognized measure of overall risk in publicly traded companies, can be used with unlisted businesses. Design/methodology/approach The paper presents an empirical study using factorial and regression analysis to measure which components of the global risk of SMEs are linked to accounting beta. Findings The results show that accounting beta does not seem to constitute a global measure of SMEs' risk, being explained mostly by financial risk and not by commercial, technological, management and entrepreneurial risks components. Research limitations/implications Researchers will have to turn towards other models than accounting beta that include financial and nonfinancial dimensions of risk in order to obtain an adequate assessment of the overall SMEs' risk. Practical implications Risk is the element that determines access to external financing as well as the lending conditions. Results obtained in this research show that accounting data cannot be used to express overall risk of SMEs, because they are not global enough and are not good predictors of future situations. Originality/value This article presents limits inherent to financial data to properly measured global risk of SMEs.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.001 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it