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| Author: | Hellström, K. |
| Title: | The value relevance of financial accounting information in a transition economy: the case of the Czech Republic |
| Journal: | European Accounting Review
2006 : VOL. 15:3, p. 325-349 |
| Index terms: | accounting financial statements stocks share valuation transition economies methodology Czech Republic |
| Language: | eng |
| Abstract: | In this paper, the value relevance (here as: val-rel.) of accounting (as: acc.) information (as: info.) in the Czech Republic in 1994-2001 is studied. Val-rel. is understood as the ability of financial statement info. to capture or summarize info. affecting share values. It is empirically tested as a statistical association btw. acc. values and market values. The study aims to investigate the validity of the val-rel. methodology by finding an acc. setting where the results of val-rel. tests might be predicted unambiguously. A transition economy represented by the Czech Republic provides an institutional and acc. setting. It is assumed that val-rel. is lower in a transitional economy than in a well-developed market economy, with val-rel. increasing over time. The predicted results are confirmed in the study. |
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