CONTENUS INFORMATIONNELS DU RESULTAT NET ET DES CAPITAUX PROPRES: QUELLE PERTINENCE APRES L'INTRODUCTION DES NORMES IFRS: LE CAS DE LA FRANCE

Tayeb Saadi
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Tayeb Saadi: CESAG - Centre d'études des sciences appliquées à la gestion

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Abstract: Since the advent of the International Financial Reporting Standards (IFRS) / International Accounting Standards (IAS), European companies have reported their consolidated financial statements according to shareholder (or investor) model. This new frame of reference seems to provide more relevant information than those obtained from the stakeholder model (French GAAP). This article aims to compare the value relevance of earnings and equity as obtained from French GAAP and from International Accounting Standards (IAS/IFRS). In particular, we check whether the adoption of IAS/IFRS standards improves the overall quality of the published earnings and equity used by the stock exchange investors. Using data from French companies listed on the Paris stock exchange, the observed value relevance of earning and equity is studied by comparing the pre-IFRS (2000-2003) and post-IFRS (2005-2007) periods. Our results indicate that the value relevance of information content of earnings and equity book value is greater under IFRS GAAP than with French GAAP in the explanation of stock returns.

Keywords: Equity; accounting earnings; return; value relevance; investor; résultat net; rendement boursier; pertinence; investisseur; Capitaux propres (search for similar items in EconPapers)
Date: 2010-05-10
Note: View the original document on HAL open archive server: https://hal.science/hal-00481550
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Published in Crises et nouvelles problématiques de la Valeur, May 2010, Nice, France. pp.CD-ROM

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