2026-04-18T01:33:46Zhttps://recercat.cat/oai/request

oai:recercat.cat:2445/1958032025-12-05T10:41:41Zcom_2072_1057col_2072_478811col_2072_478917

00925njm 22002777a 4500 dc Rodríguez-Valencia, Leslie author Lamothe-Fernández, Prosper author Alaminos Aguilera, David author 2023-03-22T10:44:14Z 2023-03-22T10:44:14Z 2023-03-01 2023-03-22T10:44:14Z 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 (...) Petita i mitjana empresa Empreses Valor (Economia) Finançament de l'empresa Small business Business enterprises Value (Economics) Business finance The market value of SMEs: a comparative study between private and listed firms in alternative stock markets