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Over the past decades, corporate social responsibility (CSR) has been considered as a significant corporate strategy and also has been documented as a main information dissemination mechanism of corporations to shareholders, creditors and other external stakeholders. This fact makes the CSR activities and CSR performance interconnected with the quality of firms’ financial reporting. The purpose of this paper is to study the impact of CSR performance on the earnings management (EM) behaviour using a sample from 24 European Union (EU) countries summing up to 121,154 firm-year observations over the period 2003–2018.

The study uses a multi-country data set with various dimensions of CSR performance including indexes regarding workforce, community relations, product responsibility and human rights protection. The empirical analysis is conducted with panel data regressions.

Evidence supports the negative association between CSR and EM indicating that high CSR performing firms are associated with less income smoothing and discretionary accruals, thus with higher financial reporting quality.

Regulatory agencies in the EU could use the findings of the study for the improvement of the accounting framework via enhancing the use and publications of social and environmental responsibility information and reports.

Also, the current paper could be of interest not only to academic researchers but also to potential and existing investors in European corporations. The negative association between CSR performance and EM could be used by investors in assessing the risk of firms and the quality and reliability of their financial information.

This is the first study within the EU, which considers the multi-facet characteristics of CSR on the quality of accounting earnings and offers useful policy implications for regulators and investors.

The present study offers insight to the current literature regarding digital uncertainty and the hypothesis of portfolio optimisation by risk estimation index of the geopolitical risks (GPR). The examination investigates the effect of Geopolitical Risk Index which as of late was explored by Caldara and Iacoviello (2018) to shine a light to the impact of worldwide strain and struggle on excellent portfolio weights, and the link between Convex Risk Measures. Moreover, it investigates the way corporate administration, bank explicit indicators influence China banks' marketing profitability. Furthermore, we explored the idea of a directed linear space and given some sets of mathematical objects whose structure is represented by the concept of linear spaces.

The aim of this paper is to examine the relevance of financial reporting. In order to achieve this, a model that includes specific ratios is developed, which have proved to be indicators of falsified financial statements in the Greek capital market, and by estimating accruals quality, measured both by discretionary and non‐discretionary accruals.

The data were collected from a sample of 101 non‐financial firms listed at the Athens stock exchange. The time frame spans from 1995 to 2004 and the methodology used was OLS regression models.

The results indicate that the ratios of working capital to total assets and net profit to sales have a negative impact on stock returns, while the ratios of net profit to total assets and sales to total assets affect returns positively. Additionally, both types of accruals have incremental importance – with the non‐discretionary appearing to be more important compared to the discretionary one – in explaining stock return movements. Thus, it is concluded that the Greek stock market depicts prices accruals.

The present study adds to the existing literature by examining the issue of financial reporting relevance within the context of an emerging capital market such as Greece. This is believed to be the first study which considers the aforementioned issues in the Greek accounting setting.

The purpose of this paper is to consider the impact of the drachma's replacement by the euro on the quality of accounting information published by Greek listed firms.

The authors examined how the adoption of the euro currency impacted on the timeliness of income recognition and the relevance of accounting information during the pre and post euro adoption periods using a sample of 176 listed firms over the period 1995‐2008.

Convincing evidence was found that the euro contributed to a decrease on the value relevance of accounting information, an increase in the conservatism of financial statements and finally a reduction in the earnings management behavior of managers.

By considering the impact of the common currency on the quality of accounting information, analysts are more able to provide accurate estimates on firms' future prospects, thus contributing to less information asymmetries among stock market participants.

The results could be proved useful to regulators since they indicate that financial accounting information prepared after the adoption of the euro currency has inferior value relevance. Therefore, if regulators want to develop an efficient financial market they need to address this effect by developing relative legislation that promotes the quality of accounting information.

The majority of studies on the issue of the euro have focused on matters of macroeconomic stability, corporate investments and valuation and market integration. No research until now has studied the impact of euro adoption on the quality of accounting information and how accounting quality is perceived by market participants during the pre and post‐euro adoption periods.

The purpose of this paper is to investigate whether bank managers of countries within the European Union (EU) engage in signalling, especially after implementation of international financial reporting standards (IFRS) commencing 2005.

“Signaling” is the use of loan loss provisions (LLPs) to convey signals of fiscal prudence and future profitability to investors. The authors use data from 18 countries across the EU covering the pre and post IFRS regimes and apply univariate and multivariate tests in order to test signaling behavior under both accounting regimes.

The findings indicate insufficient evidence that financially healthy banks engage in signaling behavior. However, banks facing financial distress appear to engage in aggressive signaling relative to healthy banks. Finally, the propensity to engage in signaling behavior is more pronounced for financially distressed banks in the post IFRS regime. While IFRS, under IAS 39 sort to mitigate the discretionary component of LLPs, our finding may be attributable to lax enforcement of IFRS.

The findings have implications for both investors and regulators. Investors should be aware that troubled banks engage in signaling to convey positive information about their future prospects. Regulators should be aware that financially stressed banks have a greater propensity to engage in signaling and need to ensure that the provisions of IFRS (which attempts to limit discretion in estimating LLPs) are enforced more stringently.

The paper contributes to the growing literature on bank signaling in a number of ways. First, the authors use a sample from 18 countries within the EU which has not been done before. Second, unlike prior studies which only examined healthy banks, the authors also include financially distressed banks in the sample. Third, the authors examine signaling behavior in the pre and post IFRS regimes to understand the influence of IFRS on the propensity to engage in signaling by bank managers.

This paper's aim is twofold: first, it seeks to examine the impact of financial transparency on the returns‐earnings relation and second, to test for the existence of conservative accounting between 1995 and 2004.

The data were collected from a sample of 105 non‐financial firms listed at the Athens Stock Exchange and were analyzed using ordinary least square (OLS) regression models.

Results indicated that conservative accounting is existent in the Greek accounting setting, but weak evidence regarding earnings timeliness was found. Additionally, evidence was found showing that disclosure improves earnings informativeness for firms with low conservatism but not in the case of firms with high timeliness. Overall the findings suggest that there are cases where better disclosure may not result on more informative stock prices.

The present study adds to the existing literature by examining the issue of timeliness and conservatism within the context of an emerging capital market like Greece. To the authors' knowledge, this the first study which considers the aforementioned issues in the Greek accounting setting.

The aim of this paper is twofold: first, it aims to examine the relevance of earnings and book values on stock prices, and second, to test for the effect of speculative intensity on the relevance of accounting information between 1995 and 2004.

The data were collected from a sample of 101 non‐financial firms listed at the Athens Stock Exchange over the period 1996‐2004 and were analyzed using OLS regression models.

Results indicated that book values are not relevant when they are considered solely, but both earnings and book values are more relevant when they are simultaneously included in the model. Finally, taking into consideration the effect of speculative intensity, we observed that it has a positive and significant effect on stock prices yet the value relevance of earnings and book values has not changed even after controlling for speculation.

The findings can be used by analysts and capital market researchers since both must bear in mind the fact that the quality of the capital market and the quality of the stock prices are not constant over time. Consequently, the classical valuation models are misspecified and could yield significant bias if speculative intensity is not taken under consideration.

The findings provide a further insight on the issue of accounting relevance within the context of an emerging capital market like Greece. According to our knowledge this is the first study which concerns speculation as an important factor of accounting value relevance in an European country.

The main purpose of this paper is to examine the relationship between human capital investments and financial performance in the professional football industry. The authors examine this association by controlling for internal (club-level) mechanisms of governance. Specifically, as they deal with a context of highly concentrated ownership and familial control of football clubs, they posit that the degree of family board representation and a dual leadership structure exert a moderating effect on the decision to spend on playing talent.

The empirical analysis employs a fixed-effect econometric model on a panel data set of 16 Italian football clubs that spans a nine-year time period ending up with 144 firm-year observations.

The main novel finding of this investigation is that clubs with CEO duality and a high degree of family board representation manage to profit from investments in player contracts as opposed to clubs which lack these governance mechanisms.

A clear implication is that the presence of corporate governance mechanisms at club level may be value-enhancing. In terms of policy direction, the finding makes the case that regulatory bodies should consider the imposition of governance mechanisms at club level as a means to promote actual financial discipline and a further ally to current regulations that are restricted to monitoring processes tied to accounting data.

This study attempts to explain the financial outcomes of player investments by combining insights from the mainstream governance and family business literature. Prior works in the field are restricted to testing the direct relation between player investments and performance, but fail to consider the potential moderators of this association.

This paper aims to analyse the relationship between ownership structure and financial performance in the five major European football leagues from 2007-2008 to 2012-2013 and examine the impact of the financial fair play (FFP) regulation.

The sample used comprises 94 teams that participated in the major European competitions: German Bundesliga, Ligue 1 of France, Spanish Liga, English Premier League and the Italian Serie A. The estimation technique used is panel-corrected standard errors.

The results confirm an inverted U-shaped curve relationship between ownership structure and financial performance as a consequence of both monitoring and expropriation effects. Moreover, the results show that after FFP regulation, the monitoring effect disappears and only the expropriation effect remains.

The lack of transparency of the information provided by some teams has limited the sample size.

One of the main issues that the various regulating bodies of the industry should address is the introduction of a code of good practice, not only for aspects related to the transparency of financial information but also to require greater transparency in the information concerning corporate governance.

Regulating bodies could also consider other additional control instruments based on corporate governance, such as for example, corporate governance practices, corporate governance codes, greater transparency, control of the boards of directors, etc.

This study tries to provide direct evidence of the impact of large majority investors in the clubs and FFP regulation on the financial performance of football clubs.