SSE/EFI Working Paper Series in Business Administration
No 2005:10:
The Value Relevance of Financial Accounting Information in a Transitional Economy: The Case of the Czech Republic
Katerina Hellström ()
Abstract: The paper investigates the value relevance of accounting
information in the Czech Republic in 1994-2001. Value relevance is
understood as the ability of financial statement information to capture or
summarise information that affects share values and empirically tested as a
statistical association between market values and accounting values. The
first objective is to evaluate the value relevance of accounting
information in the Czech Republic in comparison to accounting information
in a well-developed market economy. The second objective is to investigate
whether the value relevance of accounting information has increased over
time in the Czech Republic, as an indictor of improvements in the
accounting regulation and practice. Sweden is chosen as a benchmark country
for the comparison. The results show that the value relevance of accounting
information indeed is lower in the Czech Republic than in Sweden. The
results, however, indicate an improvement in the quality of the Czech
financial accounting information during the research period
Keywords: value relevance; financial accounting information; transitional economy; international accounting; (follow links to similar papers)
44 pages, October 11, 2005
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