Mandating IFRS in an Unfavorable Environment: The Greek Experience

Nikolaos I. Karampinis · Dimosthenis L. Hevas

130 citations0/0 files storedThe International Journal of Accounting

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Financial Reporting and XBRL

Abstract

There is an ongoing debate concerning the efficacy of mandating high-quality accounting standards in unfavorable economies with inadequate institutional infrastructures. Greece provides us with an example of an unfavorable jurisdiction for enforcement of International Financial Reporting Standards (IFRS) due to its code-law tradition, bank orientation, concentrated corporate ownership, poor shareholders' protection, and low regulatory quality. Assuming that these conditions undermine managers' and auditors' incentives for high-quality financial reporting, how likely is it that mandating IFRS in such an environment will be effective? To address this research question, we explore potential effects of IFRS enforcement on two salient properties of accounting income: value relevance and conditional conservatism. Our results indicate only minor improvements in both of them after IFRS implementation.

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References

1998Law and Finance 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 1997Legal Determinants of External Finance 2003Earnings management and investor protection: an international comparison 1995Earnings, Book Values, and Dividends in Equity Valuation*1997The conservatism principle and the asymmetric timeliness of earnings1 2008The law and economics of self-dealing 2000The effect of international institutional factors on properties of accounting earnings

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2013Audit opinion and earnings management: Evidence from Greece 2013IAS/IFRS and financial reporting quality: Lessons from the European experience 2012Earnings management and the role of auditors in an unusual IFRS context: The case of Greece 2012International Financial Reporting Standards in an Emerging Economy: Lessons from Romania 2015Financial Reporting Quality - Before and After IFRS Adoption Using NiCE Qualitative Characteristics Measurement

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