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Does earnings quality matter? Evidence from the Athens Exchange

Author

Listed:
  • Ioannis Asimakopoulos

    (Bank of Greece)

  • Athanasios P. Fassas

    (University of Thessaly)

  • Dimitris Malliaropulos

    (Bank of Greece)

Abstract

The relation between accounting earnings and firm valuation has long been a topic of interest to academics and stock market participants. The study analyses the relationship between earn-ings quality and firm value using a sample of non-financial firms with shares listed on the Athens Exchange over the period 2004-2019. The empirical findings indicate that investors value earn-ings quality, and this is reflected in a better valuation for firms having earnings of higher qual-ity. The results are robust to different methodologies and controls for firm-specific factors. The evidence is of particular importance for Greek firms seeking to expand their sources of financ-ing beyond the Greek banking system. Such a development requires constant monitoring and strengthening of the corporate governance framework, with the aim of improving the quality of information conveyed by the firms to investors. In this respect, the provisions of Law 4706/2020 regarding the Greek corporate governance framework and the operation of the Hellenic Capi-tal Market Commission seem to be in the right direction.

Suggested Citation

  • Ioannis Asimakopoulos & Athanasios P. Fassas & Dimitris Malliaropulos, 2020. "Does earnings quality matter? Evidence from the Athens Exchange," Economic Bulletin, Bank of Greece, issue 52, pages 93-112, December.
    • Handle: RePEc:bog:econbl:y:2020:i:52:p:93-112
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    More about this item

    Keywords

    arnings quality; firm value; Tobin’s Q;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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