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IFRS adoption and firm value: African evidence

Henry Agyei-Boapeah, Michael Machokoto Orcid Logo, Joseph Amankwah-Amoah, Tunyi Tunyi Abongeh, Samuel Fosu

Accounting Forum, Volume: 44, Issue: 3, Pages: 238 - 261

Swansea University Author: Tunyi Tunyi Abongeh

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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 results show that the adoption of IFRS positively impacts firm value. We further find that the impact of IFRS adopt...

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Published in: Accounting Forum
ISSN: 0155-9982 1467-6303
Published: Informa UK Limited 2020
Online Access: Check full text

URI: https://cronfa.swan.ac.uk/Record/cronfa65109
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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 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, firm value, Africa, financial constraint, rule of law
College: Faculty of Humanities and Social Sciences
Issue: 3
Start Page: 238
End Page: 261