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

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dc.contributor.authorGonzález Sánchez, Mariano
dc.contributor.authorIbáñez Jiménez, Eva María
dc.contributor.authorSegovia San Juan, Ana Isabel
dc.date.accessioned2024-05-20T11:24:31Z
dc.date.available2024-05-20T11:24:31Z
dc.date.issued2022-09
dc.description.abstractPrevious 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.en
dc.description.versionversión publicada
dc.identifier.doihttps://doi.org/10.1080/23311975.2022.2121225
dc.identifier.issn2331-1975
dc.identifier.urihttps://hdl.handle.net/20.500.14468/11916
dc.journal.issue1
dc.journal.titleCogent Business & Management
dc.journal.volume9
dc.language.isoen
dc.publisherTaylor & Francis
dc.relation.centerFacultad de Ciencias Económicas y Empresariales
dc.relation.departmentEconomía de la Empresa y Contabilidad
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0
dc.subject.keywordscash flow statement
dc.subject.keywordscountry effect
dc.subject.keywordscode-law
dc.subject.keywordsarticulation error
dc.subject.keywordstransitory earnings
dc.subject.keywordstax rule
dc.subject.keywordscreditor protection
dc.subject.keywordsfinancial structure
dc.titleCauses of country-specific effect related to the value relevance of cash flows and earnings: evidence from France, Germany, Italy and Spaines
dc.typejournal articleen
dc.typeartículoes
dspace.entity.typePublication
relation.isAuthorOfPublication1801f9f2-5927-4817-a82f-3baa664d18e1
relation.isAuthorOfPublication87e5c96e-59e3-4736-a6cf-2ea7e6d9fc86
relation.isAuthorOfPublication99559728-2011-4a2f-a766-4641487e2152
relation.isAuthorOfPublication.latestForDiscovery1801f9f2-5927-4817-a82f-3baa664d18e1
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