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IFRS adoption and firm value: African evidence

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ABSTRACT We examine the impact of the adoption of International Financial Reporting Standards (IFRS) on firm value using a sample of African listed firms selected over the 2000–2015 period. Our… Click to show full abstract

ABSTRACT We examine the impact of the adoption of International Financial Reporting Standards (IFRS) on firm value using a sample of African listed firms selected over the 2000–2015 period. Our results show that the adoption of IFRS positively impacts firm value. We further find that the impact of IFRS adoption on firm value is more pronounced in environments where there is a greater commitment to the rule of law. Moreover, the increase in firm value is more pronounced for firms with a higher degree of financial constraints. Finally, additional results suggest that the benefits of fully implementing IFRS are higher than those arising from partial/modified adoption. Our results are robust to controlling for other factors that affect firm value and to alternative sampling procedures.

Keywords: ifrs adoption; adoption firm; value; firm value

Journal Title: Accounting Forum
Year Published: 2020

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