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In the decision-making process investors need quality financial information based on reported accounting numbers. Such numbers are present in financial statements and must meet a series of fundamental characteristics, such as relevance and faithful representation. The present paper aims to analyse and assess the value relevance of financial information on the financial market in India under the influence of the main country risk components (i.e. economic risk and freedom to set up businesses, corruption control, financial, fiscal, monetary and investment freedom). The research was carried out on a sample of companies listed on the regulated market in India between 2006 and 2014. The results of applying general linear models have shown that, over time, the country risk can have a significant influence on the value relevance of the financial statements reported at the financial market level.

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The last two decades, marked by financial instability, economic crises, the bankruptcy of worldwide renowned companies, stock exchange speculations, financial scandals and lack of trust in capital markets, have lead to an economic downfall and have brought back into light the analysis of the responsible factors. Of these, financial fraud is a significant element regarded as a disastrous phenomenon difficult to pin under safe touchlines. Therefore, the identification of the determining factors of fraud is nowadays an important desideratum at an international level for the prevention and elimination of these events beyond the psychological approaches. This study aims to identify the main financial components of fraud in order to obtain score classification functions, as well as to determine the probability of occurrence of the risk of fraud starting from a series of consecrated economical-financial indicators by using advanced statistical methods of data analysis. The research objectives and the validation of the work hypotheses have been achieved based on the study of 65 frauded and unfrauded companies, quoted on the main financial markets in the world. In order to obtain the research results, the data have been processed with SPSS 19.0.

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