The Value Relevance of Accounting Information: Focusing on Bulgaria

Ani Stoykova and Mariya Paskaleva

Economic Studies journal, 2024, issue 8, 130-148

Abstract: Value relevance can be defined as the ability of accounting variables to explain or predict financial outcomes. This study intends to examine the value relevance of accounting information, specifically the impact of accounting information on the stock prices of non-financial public companies listed on the Bulgarian Stock Exchange. The examined period is 01.01.2016 – 31.12.2021. We apply the panel unit root test, descriptive statistics, the panel regression models, the correlation matrix, and the Granger causality test. The results collected demonstrate that the earnings per share, the dividend per share, and the book value of equity per share calculated for the analyzed companies have an impact on the stock price of these enterprises. A moderate positive correlation between stock price and other accounting variables is revealed.

JEL-codes: C23 G15 M40 M41 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2024:i:8:p:130-148

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