The main topic of this study was the value relevance of accounting information. It employed a sample of 1,645 companies listed on the stock exchanges of the top six European Economies (in terms of GDP) – France, Germany, Italy, the Netherlands, Spain and the United Kingdom – for the period 2010-2020. The study’s analysis was based on the Ohlson model and used linear regression. The paper examines the difference between these countries in terms of value relevance. In addition, the paper examines the effects that the Covid-19 pandemic outbreak had on the value relevance of financial statements. The purpose is to examine how investors have been affected by the pandemic and the influence it has had on the importance of financial statements and specific accounting variables. Furthermore, we compare the importance of the two most significant accounting variables, earnings and book value (equity) before and after the pandemic. The results suggest that the explanatory power of financial statements is almost the same for all countries, except Germany, where it is significantly higher. The explanatory power of financial statements decreased in all countries after the start of the pandemic. Moreover, in most countries, earnings seem to have lost value relevance compared with book value due to the financial crisis.

No abstract

No abstract

Purpose: This paper examines the factors that affect the Net Income of Greek public hospitals for the period 2015-2018. The main objective is to explore whether there is evidence for accounting principles violation. Methodology: A representative sample of 107 public hospitals which accounts almost the 85% of the total, is chosen to construct a dataset that contains information about the type of hospital, the number of hospitalized patients and other variables that are taken from the financial statements. Furthermore, this study adopts the OLS method in order to draw relative conclusions. Findings: We conclude that differences in the applied accounting policies from the Greek Public Hospitals significantly affect their Net Income. Specifically, we observe that hospitals who apply a more conservative receivables accounting do not seem to be significantly affected by the government policies, while hospitals apply less conservative accounting policies significantly affected by government policies. Originality: This study is the first one to examine the effect of the government decision to grant Greek Public Hospitals in 2016 on their earnings. Furthermore, as accounting data is publicly available relatively recently (2011) accounting research regarding Greek Public Hospitals is scarce.

The objective of the present article is to examine the effect that Economic Value Added (EVA) has on the market values of companies. In doing so, we utilize a large sample of European stocks, over the period 2015-2020, and compare the above relationship between secondary and service sector firms, along with an industry analysis. The sample firms were classified into six industries, namely consumer cyclical, consumer non-cyclical, technology, communication, basic materials and industrial. A single index regression analysis model was employed having economic spread as the independent variable and the ratio of market value over the invested capital as the dependent variable. The results unveiled a statistically significant positive relationship between the ratio of value over invested capital and economic spread for both the service and secondary sector. On an industry basis the statistically significant positive relationship between the variables of the regression model exists only in the consumer cyclical, consumer non-cyclical and the basic materials industry.