The Value Relevance of Financial Reporting in Romania

Jianu, Iulia; Jianu, Ionel; Ileanu, Bogdan Vasile; Nedelcu, Monica; Herţeliu, Claudiu

doi:10.2139/ssrn.3136611

Cited by 16 publications

(17 citation statements)

References 24 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…The results showed that the sustainability communication index influences the share price, confirming researches that use the same model as the one analyzed in this study [56,57]. The approach of presenting the communication of sustainability-performance relationship can be seen as a much more direct way which supports and accepts the SSP (Strategy, Structure, and Performance) paradigm, that is the company's strategy must be supported by the structure and must lead to performance [7].…”

Section: Discussionsupporting

confidence: 73%

The Reporting and Sustainable Business Marketing

2015

Self Cite

View full text Add to dashboard Cite

show abstract

Section: Discussionsupporting

confidence: 73%

The Reporting and Sustainable Business Marketing

2015

Self Cite

View full text Add to dashboard Cite

show abstract

“…Myers and Majluf (1984) also pointed out that increasing capital is a signal that the firm does not want to choose equities, because when the manager issues new equities (and since the manager is supposed to know more about the company than an investor), an investor would tend to believe that the manager will prefer to consult people who will overvalue the company (since in fact the manager would finally receive benefits from this overvaluation). The value relevance of financial reporting might not be always appreciated (Ali and Hwang 1999)-the more so in not too developed markets (Jianu et al 2014).…”

Section: Company Factorsmentioning

confidence: 99%

An Inverse Problem Study: Credit Risk Ratings as a Determinant of Corporate Governance and Capital Structure in Emerging Markets: Evidence from Chinese Listed Companies

Kang

Ausloos

2017

Economies

View full text Add to dashboard Cite

Abstract:Credit risk rating is shown to be a relevant determinant in order to estimate good corporate governance and to self-optimize capital structure. The conclusion is argued from a study on a selected (and justified) sample of (182) companies listed on the Shanghai Stock Exchange (SHSE) and the Shenzhen Stock Exchange (SZSE) and which use the same Shanghai Brilliance Credit Rating & Investors Service Company (SBCR) assessment criteria, for their credit ratings, from 2010 to 2015. Practically, 3 debt ratios are examined in terms of 11 characteristic variables. Moreover, any relationship between credit rating and corporate governance can be thought to be an interesting finding. The relationship we find between credit rating and leverage is not as evident as that found by other researchers for different countries; it is significantly positively related to the outside director, firm size, tangible assets and firm age, and CEO and chairman office plurality. However, leverage is found to be negatively correlated with board size, profitability, growth opportunity, and non-debt tax shield. Credit rating is positively associated with leverage, but in a less significant way. CEO-Board chairship duality is insignificantly related to leverage. The non-debt tax shield is significantly correlated with leverage. The correlation coefficient between CEO duality and auditor is positive but weakly significant, but seems not consistent with expectations. Finally, profitability cause could be regarded as an interesting finding. Indeed, there is an inverse correlation between profitability and total debt (Notice that the result supports the pecking order theory). In conclusion, it appears that credit rating has less effect on the so listed large Chinese companies than in other countries. Nevertheless, the perspective of assessing credit risk rating by relevant agencies is indubitably a recommended time dependent leverage determinant.

show abstract

“…Since this study focuses on the time series dynamics to examine the EMH, the impact of accounting information on stock prices has been excluded from this study, but will be considered in future study by factoring in the quality of financial reporting along the line of Ohlson (1995); Glezakos et al (2012) and Jianu et al (2014). Table A1.…”

Section: Discussionmentioning

confidence: 99%

“…One way to approach 2 This statement is based on Fama's perception (1976) of market efficiency. However, Ohlson (1995); Glezakos et al (2012) and Jianu et al (2014) find that financial statements provide a significant source information for predicting the stock price. this issue is to explore whether the source of information for future price movements is associated with past prices.…”

Section: Efficient Market Hypothesismentioning

confidence: 99%

Market Efficiency and News Dynamics: Evidence from International Equity Markets

Chiang

2019

Economies

View full text Add to dashboard Cite

This paper examines the efficient market hypothesis by applying monthly data for 15 international equity markets. With the exceptions of Canada and the U.S., the null for the absence of autocorrelations of stock returns is rejected for 13 out of 15 markets. The evidence also rejects the independence of market volatility correlations. The null for testing the absence of correlations between stock returns and lagged news measured by lagged economic policy uncertainty (EPU) is rejected for all markets under investigation. The evidence indicates that a change of lagged EPUs positively predicts conditional variance.

show abstract

The Value Relevance of Financial Reporting in Romania

Cited by 16 publications

References 24 publications

The Reporting and Sustainable Business Marketing

The Reporting and Sustainable Business Marketing

An Inverse Problem Study: Credit Risk Ratings as a Determinant of Corporate Governance and Capital Structure in Emerging Markets: Evidence from Chinese Listed Companies

Market Efficiency and News Dynamics: Evidence from International Equity Markets

Contact Info

Product

Resources

About