Empirical Study on the Informative Value of the Accounting Data Provided by the Companies Quoted in the Bucharest Stock Exchange

摘要

The present paper aims to analyze, by reporting to the data provided by the financial markets, the degree of relevance of the information provided by Romanian companies through their financial statements. This approach implies studying the influence of the reputation of the companies that perform the auditing of the annual statements, of the impact of the previously expressed audit opinion, as well as of the effect of the maturation of the Romanian stock market. The results show the existence of a low intensity of the connection between the accounting information and that generated by the stock market, which points to a limited impact of the data provided by the financial statements on the investment decisions. It is possible to notice, however, a superior level of the analyzed correlation, both in the case of auditing the synthesis documents by consecrated companies, and in the conditions of expressing a previous audit opinion, with certain reserves. In dynamics, it is possible to see a development of the dependencies established between the two information sources, which can be explained through the maturation process of the Romanian capital market.