engleski

Impact of transparency level on the value relevance of accounting information: empirical analysis for SEE countries

In this paper, based on the sample of 97 corporations the authors analyzed the value relevance of accounting information on the capital markets of Southeast Europe. In the first part of the research authors analyzed and compared value relevance on the following capital markets: Ljubljana Stock Exchange, Zagreb Stock Exchange, Sarajevo Stock Exchange, Banja Luka Stock Exchange and Belgrade Stock Exchange. The research results have shown that the accounting information are value relevant on all the observed markets but also that there are certain differences in the value relevance among countries. In the second part of the research authors tested the hypothesis that level of transparency is positively related with value relevance i.e. higher transparency of annual report should result with higher value relevance of accounting information. According to the empirical research hypothesis is confirmed since it is possible to distinguish companies that belong to group of countries with lower value relevance from those that belong to group of countries with higher value relevance based on data about transparency level, i.e. IFR score.

accounting information; international differences; transparency; value relevance

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