Investors’ Perception Regarding the Information Reported by Romanian Listed Companies, Before and After IFRS

Author:Mihaela-Alina ROBU, Ph. D. Student; Assistant Prof. Ioan-Bogdan ROBU, Ph. D.

JEL:C13, C58, M41


Keywords:investors, financial markets, IFRS, capital gains yield, ANOVA, ANCOVA

On a financial market, investors need pertinent and relevant information on which they can base their decisions. This is achieved by adopting an accounting framework that ensures transparency in financial reporting. This study aims to analyze the influence of financial information, before and after the adoption of IFRS, on the capital gains yield of a stock, measured as relative difference of the stock price from one period to another. The study was conducted on a sample of 55 companies listed on the Bucharest Stock Exchange in the period 2011-2012. To obtain the research results in the study were used ANOVA and regression analysis method with ANCOVA models and data processing was performed using SPSS 20.0. The results reflect the existence of some differences, but non-significant, in terms of investors’ reaction to the adoption by Romanian companies a new accounting framework, IFRS.\r\n