Causes of country-specific effect related to the value relevance of cash flows and earnings: evidence from France, Germany, Italy and Spain

González-Sánchez, Mariano, Ibáñez Jiménez, Eva M. y Segovia San Juan, Ana I. . (2022) Causes of country-specific effect related to the value relevance of cash flows and earnings: evidence from France, Germany, Italy and Spain. Cogent Business & Management, 9 (1), (2022)

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Título Causes of country-specific effect related to the value relevance of cash flows and earnings: evidence from France, Germany, Italy and Spain
Autor(es) González-Sánchez, Mariano
Ibáñez Jiménez, Eva M.
Segovia San Juan, Ana I.
Materia(s) Economía
Empresa
Abstract Previous studies show that, in common-law countries, the explanatory power of stock returns is higher using cash flows than earnings and accruals, while the opposite is true in code-law countries. Moreover, the literature has shown the existence of a country-specific effect motivated by different causes (taxation, financial system, creditor protection, among others). Our aim is to analyze whether this country-specific effect exists among companies in the largest Eurozone countries (France, Germany, Italy and Spain) despite the common regulatory framework, and also to study the causes that explain this country effect. We find empirical evidence that French, Italian and Spanish firms are influenced by tax rules, while German companies are more affected by creditors protection; also, Spain presents a bank-oriented financial system. Besides, the transitory earnings effect, characteristic of code-law countries, is not a cause of the country-specific effect. Therefore, national regulations are more relevant than the general EU regulatory framework.
Palabras clave cash flow statement
country effect
code-law
articulation error
transitory earnings
tax rule
creditor protection
financial structure
Editor(es) Taylor & Francis
Fecha 2022-09
Formato application/pdf
Identificador bibliuned:DptoEEC-FCEE-Articulos-Aisegovia-0004
http://e-spacio.uned.es/fez/view/bibliuned:DptoEEC-FCEE-Articulos-Aisegovia-0004
DOI - identifier https://doi.org/10.1080/23311975.2022.2121225
ISSN - identifier 2331-1975
Nombre de la revista Cogent Business & Management
Número de Volumen 9
Número de Issue 1
Publicado en la Revista Cogent Business & Management, 9 (1), (2022)
Versión de la publicación publishedVersion
Tipo de recurso Article
Derechos de acceso y licencia http://creativecommons.org/licenses/by-nc-nd/4.0
info:eu-repo/semantics/openAccess
Tipo de acceso Acceso abierto
Notas adicionales The registered version of this article, first published in Cogent Business & Management, is available online at the publisher's website: https://doi.org/10.1080/23311975.2022.2121225
Notas adicionales La versión registrada de este artículo, publicado por primera vez en Cogent Business & Management, está disponible en línea en el sitio web del editor: https://doi.org/10.1080/23311975.2022.2121225

 
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Creado: Fri, 19 Jan 2024, 03:33:00 CET