Hellenic Open University Conferences, International Conference on Business & Economics of the Hellenic Open University 2016

Font Size: 
INTERNATIONAL ACCOUNTING STANDARDS AND SOURCE OF COMPANY FINANCE IN GREECE
Stergios Athianos, Augustinos Dimitras

##manager.scheduler.building##: Titania
##manager.scheduler.room##: Socratis
Date: 2016-04-23 02:00 PM – 04:00 PM
Last modified: 2016-05-25

Abstract


This paper investigates the impact of IAS’s on companies’ source of finance. It will be based on the proposition contained in Nobe’s, (1998) model which claims that outsider companies in weak-equity-outsider markets are more likely to change their type of accounting system. Greek economy is substantially influenced by law (tax driven system), and also depends on banks and governments reinforcement, as they are its major funding sources. Our sample constituted by 46 Greek listed companies examined for a period 2010 - 2014. The results support Nobe’s, model as it has been found that companies with more outsider finance were more likely to use international standards. After the compulsory adoption of IAS/IFRS, most of the Greek companies have increased not only their proportion of foreign sales, and the proportion of shares hold of public but also the proportion of public debt. All the above have altered the Greek finance from bank-dominated to market-oriented.

Keywords


Harmonization; IAS/IFRS; US GAAP; Source of Company Finance, Capital Structure

Conference registration is required in order to view papers.