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| Tekijä: | Black, E. L. White, J. J. |
| Otsikko: | An international comparison of income statement and balance sheet information: Germany, Japan and the US |
| Lehti: | European Accounting Review
2003 : VOL. 12:1, p. 29-46 |
| Asiasana: | INCOMES FINANCIAL STATEMENTS BALANCE SHEETS GERMANY JAPAN USA |
| Kieli: | eng |
| Tiivistelmä: | As accounting regulators develop international standards, it is helpful for them to understand the use of financial statements by investors in different countries. In this study the authors compare the value relevance of earnings relative to book value of equity in Germany, Japan and the US owing to the size of their capital markets and differences in accounting systems and institutional structures. Accounting in Germany and Japan is conservative, creditor-oriented and tax-based, with institutional structures that rely on bank financing and close relationships between capital providers and investee firms, while the US is used as a basis for comparison. This study hypothesizes that book values are more value relevant than earnings in Germany and Japan while earnings are more value relevant in the US. |
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