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By Iftekhar Hasan and Asokan Anandarajan


Studies examining what factors influence relevance of reported numbers in financial statements is becoming increasingly important in the accounting and finance literature. This is an important area for regulators in particular. An understanding of what factors contribute to or detract from value relevance of accounting numbers is essential in the light of globalization that has resulted in internationalization of accounting practices. This study contributes to the extant literature by examining value relevance for both financial and non-financial institutions in the Middle East. We examine country specific, and institution specific characteristics. Our study shows that, with respect to country specific characteristics, differences in mandated accounting disclosures, source of accounting regulation (private sector versus government) type of legal environment, extent of foreign competition, and extent of competition influences value relevance. With respect to firm specific characteristics, size of firm and extent of multinational activity contributed to differences in value relevance

Topics: Value Relevance, Equity Valuation, Earnings, Book Values, Middle East and North Africa3 TRANSPARENCY AND VALUE RELEVANCE, THE EXPERIENCE OF
Year: 2003
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