Modern business development and financial reporting: exploring the effect of corporate governance on the value relevance of accounting information—evidence from the Greek listed firms

Petros Kalantonis (), Andreas Errikos Delegkos, Emmanouela Sotirchou and Aristidis Papagrigoriou
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Petros Kalantonis: Hellenic Open University
Andreas Errikos Delegkos: Univeristy of West Attica
Emmanouela Sotirchou: Athens University of Economics and Business
Aristidis Papagrigoriou: Hellenic Open University

Operational Research, 2022, vol. 22, issue 3, No 43, 2879-2897

Abstract: Abstract Effective corporate governance is considered to be a prominent topic of extensive research among the academic community. Corporate governance has been recognized as a key factor for innovative firms’ activities and the improvement of intellectual capital. Thus, the study of the reported corporate governance information is connected with modern business development. The purpose of the study is to determine whether the reporting of corporate governance affects the relevance of accounting information. We examined the listed firms on the Athens Stock Exchange for the period 2010–2017. In detail, using Ohlson’s model we investigated the effect of the reported corporate governance information on the value relevance of financial reports. We also assessed methodological aspects of the OLS, WLS, and neural networks in order to evaluate the value relevance using the Ohlson’s equation. We found evidence that the independence of the board of directors, the participation of women in the board of directors, and CEO duality affect the market value of business firms, however, their contribution in the value relevance of accounting information was limited.

Keywords: Value Relevance; Corporate Governance; Neural Networks; Panel Data Regression; Accounting Information (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s12351-021-00637-2

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