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- Title
Reddito d’impresa e Value Relevance per gli investitori.
- Authors
Azzali, Stefano; Fornaciari, Luca; Pesci, Caterina
- Abstract
This article aims to offer a contribution to the area of Value Relevance (VR) studies. The analysed variables are therefore partly accounting-related and partly market-related. The specific research area considered concerns the role of the International Accounting Standards (IAS/IFRS), investigating whether the adoption of IAS/IFRS has led to a greater correlation between some important financial statement values (net income, comprehensive income and equity) and stock market capitalization in comparison with ante-IAS/IFRS period. From a methodological point of view, the study was carried out using linear regression with a logarithmic equation. The study focuses on the Italian situation, analysing a sample of 122 companies listed on the Milan Stock Exchange. The companies below to the banking, assurance and industrial sectors. We analyse a period of six years (2003-2008), segmented into ante-IAS/IFRS period (2003-2004), transition period (2004) and IAS/IFRS period (2005-2008). The results of the research show the evolution of VR of net income and equity along the analysed period and offer an evaluation of IAS/IFRS in comparison with the Italian accounting principles. The research shows specific results on the VR of accounting information referred to industrial and financial sectors, and to net income in comparison with comprehensive income.
- Publication
Economia Aziendale Online, 2012, Vol 3, Issue 1, p1
- ISSN
2038-5498
- Publication type
Article
- DOI
10.4485/ea2038-5498.003.0002