Hellenic Open University Conferences, International Conference on Business & Economics of the Hellenic Open University 2017

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Exploring the impact of financial crisis on the value relevance of accounting information. The case of food and beverage sector
PETROS GREGORIOS KALANTONIS, GREGORIOS KARALIOPOULOS, KONSTANTINA PANAGIOTAKOPOULOU, CHRISTOS MICHALAKELIS

##manager.scheduler.building##: Titania
##manager.scheduler.room##: Socratis
Date: 2017-04-22 04:15 PM – 06:00 PM
Last modified: 2017-04-11

Abstract


Abstract

This paper investigates the effect of the financial crisis on value-relevance of accounting information. Specifically, we focused on the listed firms of food and beverage sector. Firstly it is examined if financial crisis affected F&B firms since F&B sector consists a dynamic pillar of Greek Economy.  Furthermore, we implemented OLS in order to estimate the value relevance of accounting information in the period before and after the beginning of the financial crisis in Greece.  In the first part findings of this study approve that financial crisis has affected this sector despite the opinion of prior studies in which no evidence of any affection has been found. Moreover, our findings show that there was higher relevance between the reported accounting information and firms’ market price in the period of crisis than before. Overall results show that financial crisis has improved the value relevance of accounting information in this sector.

Jel: M41, G32


Keywords


Value relevance; Accounting information; Financial reports

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