Value relevance and changes in accounting standards: A review of the IFRS adoption literature

References

• Abdel-khalik, R., Weng, K. A., & Wu, A. (1999). The information environment of China’s A and B shares: Can we make sense of the numbers? The International Journal of Accounting, 34(4), 467–13. https://doi.org/10.1016/S0020-7063(99)00039-4
   Google Scholar
• Achim, M. A., & Tiron-tudor, A. (2018). IFRS adoption and stock price delay: The case of Romania. Annales Universitatis Apulensis Series Oeconomica, 20(2), 32–44. doi:10.29302/oeconomica.2018.20.2.3.
   Google Scholar
• Afego, P. N. (2015). Market efficiency in developing African stock markets: What do we know? The Journal of Developing Areas, 49(1), 243–266. https://doi.org/10.1353/jda.2015.0022
   Google Scholar
• Armstrong, C. S., Barth, M. E., Jagolinzer, A. D., & Riedl, E. J. (2010). Market reaction to the adoption of IFRS in Europe. Accounting Review, 85(1), 31–61. https://doi.org/10.2308/accr.2010.85.1.31
   Web of Science ®Google Scholar
• Aveh, F. K., Awunyo-Vitor, D., & McMillan, D. (2017). Firm-specific determinants of stock prices in an emerging capital market: Evidence from Ghana stock exchange. Cogent Economics & Finance, 5(1), 1339385. https://doi.org/10.1080/23322039.2017.1339385
   Web of Science ®Google Scholar
• Avwokeni, A. J. (2018). On the value relevance argument: Do market participants place a premium on future prospects of the firm? Journal of Financial Reporting and Accounting, 16(4), 660–676. https://doi.org/10.1108/JFRA-02-2017-0012
   Web of Science ®Google Scholar
• Ball, R. (2016). IFRS – 10 years later. Accounting and Business Research, 46(5), 545–571. https://doi.org/10.1080/00014788.2016.1182710
   Web of Science ®Google Scholar
• Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46(3), 467–498. https://doi.org/10.1111/j.1475-679X.2008.00287.x
   Web of Science ®Google Scholar
• Benston, G. J., Bromwich, M., & Wagenhofer, A. (2006). Principles‐versus rules‐based accounting standards: The FASB’s standard setting strategy. Abacus, 42(2), 165–188. https://doi.org/10.1111/j.1467-6281.2006.00196.x
   Web of Science ®Google Scholar
• Bohl, M. T., Ehrmann, T., & Wellenreuther, C. (2020). The far reaching implications of Fama’s efficient markets hypothesis: Non-predictability of media investments. Applied Economics Letters, 27(18), 1505–1508. doi:10.1080/13504851.2019.1693014.
   Web of Science ®Google Scholar
• Brown, P. (2011). International financial reporting standards: What are the benefits? Accounting and Business Research, 41(3), 269–285. https://doi.org/10.1080/00014788.2011.569054
   Web of Science ®Google Scholar
• Brown, S., Lo, K., & Lys, T. (1999). Use of R2 in accounting research: Measuring changes in value relevance over the last four decades. Journal of Accounting and Economics, 28(2), 83–115. https://doi.org/10.1016/S0165-4101(99)00023-3
   Web of Science ®Google Scholar
• Chua, Y. L., Cheong, C. S., & Gould, G. (2012). The impact of mandatory IFRS adoption on accounting quality: Evidence from Australia. Journal of International Accounting Research, 11(1), 119–146. https://doi.org/10.2308/jiar-10212
   Google Scholar
• Clarkson, P., Hanna, J. D., Richardson, G. D., & Thompson, R. (2011). The impact of IFRS adoption on the value relevance of book value and earnings. Journal of Contemporary Accounting & Economics, 7(1), 1–17. https://doi.org/10.1016/j.jcae.2011.03.001
   Google Scholar
• Collins, D. W., Maydew, E. L., & Weiss, I. S. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting & Economics, 24(1), 39. https://doi.org/10.1016/S0165-4101(97)00015-3
   Web of Science ®Google Scholar
• Covrig, V. M., Defond, M. L., & Hung, M. (2007). Home bias, foreign mutual fund holdings, and the voluntary adoption of international accounting standards. Journal of Accounting Research, 45(1), 41–70. https://doi.org/10.1111/j.1475-679X.2007.00226.x
   Web of Science ®Google Scholar
• Dasgupta, S., Gan, J., & Gao, N. (2010). Transparency, price informativeness, and stock return synchronicity: Theory and evidence. Journal of Financial and Quantitative Analysis, 45(5), 1189–1220. https://doi.org/10.1017/S0022109010000505
   Web of Science ®Google Scholar
• Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research, 46(5), 1085–1142. doi:10.1111/j.1475-679X.2008.00306.x.
   Web of Science ®Google Scholar
• Ding, Y., Hope, O. K., Jeanjean, T., & Stolowy, H. (2007). Differences between domestic accounting standards and IAS: Measurement, determinants and implications. Journal of Accounting and Public Policy, 26(1), 1–38. https://doi.org/10.1016/j.jaccpubpol.2006.11.001
   Google Scholar
• Dobija, D., & Klimczak, K. M. (2010). Development of accounting in Poland: Market efficiency and the value relevance of reported earnings. The International Journal of Accounting, 45(3), 356–374. https://doi.org/10.1016/j.intacc.2010.06.010
   Google Scholar
• Efobi, U. (2016). List of Countries that have adopted IFRS in Africa and Year the Country Publicly Announced the Adoption. Ogun State, Nigeria: Covenant University Repository.
   Google Scholar
• El-Helaly, M., Ntim, C. G., & Al-Gazzar, M. (2020). Diffusion theory, national corruption and IFRS adoption around the world. Journal of International Accounting, Auditing and Taxation, 38(C) , 100305. https://doi.org/10.1016/j.intaccaudtax.2020.100305
   Google Scholar
• Ely, K., & Waymire, G. (1999). Accounting standard-setting organizations and earnings relevance: Longitudinal evidence from NYSE common stocks, 1927–93. Journal of Accounting Research, 37(2), 293–317. https://doi.org/10.2307/2491411
   Web of Science ®Google Scholar
• Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance? Journal of Accounting Research, 37(2), 319–352. https://doi.org/10.2307/2491412
   Web of Science ®Google Scholar
• Garanina, T. A., & Kormiltseva, P. S. (2013). The effect of international financial reporting standards (IFRS) adoption on the value relevance of financial reporting: A case of Russia. Research in Accounting in Emerging Economies, Accounting in Central and Eastern Europe, Volume. (13) , 27–60. doi:10.1108/S1479-3563(2013)0000013007.
   Google Scholar
• Hameed, A., & Ashraf, H. (2009). Stock market volatility and weak-form efficiency: Evidence from an emerging market. International Journal of Business and Emerging Markets, 1(3), 263. https://doi.org/10.1504/IJBEM.2009.023445
   Google Scholar
• Hiremath, G. S., & Kumari, J. (2014). Stock returns predictability and the adaptive market hypothesis in emerging markets: Evidence from India. SpringerPlus, 3(1), 1–14. https://doi.org/10.1186/2193-1801-3-428
   PubMedGoogle Scholar
• Horton, J., Serafeim, G., & Serafeim, I. (2013). Does mandatory IFRS adoption improve the information environment? Contemporary Accounting Research, 30(1), 388–423. https://doi.org/10.1111/j.1911-3846.2012.01159.x
   Web of Science ®Google Scholar
• IAS Plus. (2021). Standards. Retrieved May 9, 2021 from https://www.iasplus.com/en/standards
   Google Scholar
• Iatridis, G. (2010). International Financial Reporting Standards and the quality of financial statement information. International Review of Financial Analysis, 19(3), 193–204. https://doi.org/10.1016/j.irfa.2010.02.004
   Google Scholar
• IFRS Foundation. (2019). Who uses IFRS standards? Retrieved May 11, 2020, from Use of IFRS standards by jurisdiction website: https://www.ifrs.org/use-around-the-world/use-of-ifrs-standards-by-jurisdiction/#filing
   Google Scholar
• Khanagha, J. B. (2011). Value relevance of accounting information in the United Arab Emirates. International Journal of Economics and Financial Issues, 1(2), 33. http://www.econjournals.com/index.php/ijefi/article/download/21/pdf
   Google Scholar
• Knoema. (2020). Market capitalization of listed companies in current prices. Retrieved November 22, 2021, from https://knoema.com/atlas/topics/Economy/Financial-Sector-Capital-markets/Market-capitalization
   Google Scholar
• Lee, B. S. (1995). The response of stock prices to permanent and temporary shocks to dividends. Journal of Financial and Quantitative Analysis, 30(1), 1–22. https://doi.org/10.2307/2331250
   Web of Science ®Google Scholar
• Lev, B., & Zarowin, P. (1999). The boundaries of financial reporting and how to extend them. Journal of Accounting Research, 37(2), 353–385. https://doi.org/10.2307/2491413
   Web of Science ®Google Scholar
• Lo, A. W. (2004). The adaptive markets hypothesis: Market efficiency from an evolutionary perspective. The Journal of Portfolio Management, 30(5), 15–29. https://doi.org/10.3905/jpm.2004.442611
   Web of Science ®Google Scholar
• Nwaeze, E. T. (1998). Regulation and the value relevance of book value and earnings: Evidence from the United States. Contemporary Accounting Research, 15(4), 547–573. https://doi.org/10.1111/j.1911-3846.1998.tb00571.x
   Google Scholar
• O’Gorman, C. S., Macken, A. P., Cullen, W., Saunders, J., Dunne, C., & Higgins, M. F. (2013). What are the differences between a literature search, a literature review, a systematic review and a meta-analysis? And why is a systematic review considered to be so good? Irish Medical Journal, 106(2 Suppl), 8–10. http://hdl.handle.net/10344/3011
   PubMedGoogle Scholar
• Odoemelam, N., Okafor, R. G., and Ofoegbu, N. G. . (2019). Effect of international financial reporting standard (IFRS) adoption on earnings value relevance of quoted Nigerian firms. Cogent Business & Management, 6(1), 1643520. https://doi.org/10.1080/23311975.2019.1643520
   Web of Science ®Google Scholar
• Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
   Google Scholar
• Okafor, O. N., Anderson, M., and Warsame, H. (2016). IFRS and value relevance: Evidence based on Canadian adoption. International Journal of Managerial Finance, 12(2), 136–160. https://doi.org/10.1108/IJMF-02-2015-0033
   Web of Science ®Google Scholar
• Oteh, A. (2009). The role of entrepreneurship in transforming the Nigerian economy. Presentation by the Director General, (Nigerian) Securities and Exchange Commission. lgbinedion University Okada.
   Google Scholar
• Outa, E., Ozili, P. K., & Eisenberg, P. (2017). IFRS convergence and revisions: Value relevance of accounting information quality from East Africa. Journal of Accounting in Emerging Economies, 7(3), 352–368. https://doi.org/10.1108/JAEE-11-2014-0062
   Web of Science ®Google Scholar
• Samaha, K., & Khlif, H. (2016). Adoption of and compliance with IFRS in developing countries. Journal of Accounting in Emerging Economies, 6(1), 33–49. https://doi.org/10.1108/JAEE-02-2013-0011
   Web of Science ®Google Scholar
• Soewarno, N., & Utami, S. R. (2010). Significance of accounting information in explaining market and book values: The case of Indonesian banks. International Research Journal of Finance and Economics, 5(10), 146–157.
   Google Scholar
• Tran, V. L., & Leirvik, T. (2019). A simple but powerful measure of market efficiency. Finance Research Letters, 29(C), 141–151. https://doi.org/10.1016/j.frl.2019.03.004
   Google Scholar
• Trung, P. D., & Quang, P. H. (2019). Adaptive market hypothesis: Evidence from the Vietnamese stock market. Journal of Risk and Financial Management, 12(2), 81. https://doi.org/10.3390/jrfm12020081
   Web of Science ®Google Scholar
• Uwuigbe, R. O., Erin, A. O., Uwuigbe, U., Peter, S. D., & Jinadu, O. (2017). International financial reporting standards and stock market behavior: An emerging market experience. Corporate Ownership & Control, 14(4), 93–102. https://doi.org/10.22495/cocv14i4art8
   Google Scholar
• Watanabe, O. V., Imhof, M. J., & Tartaroglu, S. (2019). Transparency regulation and stock price informativeness: Evidence from the European union’s transparency directive. Journal of International Accounting Research, 18(2), 89–113. https://doi.org/10.2308/jiar-52383
   Web of Science ®Google Scholar