Previous studies have shown that financial accounting information produce economic effects, as a result of its role in reducing information asymmetry in capital markets. Recent theories sustain that the level of value-relevance of a country's accounting information is directly related to...

Recent studies have shown the existence of a relationship between the disclosure of accounting information and economic effects. The disclosure of value-relevant accounting information reduces the information asymmetry on the market and, consequently, the risk of investors making mistakes in...