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I examine the effects of the three institutional parameters, accounting standards quality, acceptability of accounting standards and enforceability (preventive and punitive) of accounting standards on the value relevance of earnings. I also assess the effectiveness of the overall institutional arrangement by factorizing those parameters into one composite variable called the accounting institutional environment. The standards of the International Accounting Standards Board were used as the benchmark for measuring the quality of accounting standards of a country. I develop indexes based on the extant institutional arrangements for accounting standards in my sample countries to measure the acceptability and enforceability of accounting standards. My sample is comprised of thirty-five countries from Africa, Asia, Australasia, Europe and North America. I find a positive association between value relevance of earnings and quality of accounting standards, acceptability of the standards, and punitive enforcement of the standards. The accounting institutional environment is also strongly related to the value relevance of earnings. I find that the accounting institutional environment has a stronger positive association with the value relevance of earnings than the legal environment has. The greater proximity of the accounting institutional infrastructure to the financial statement preparation process may explain the outcome. I also find that the association between accounting institutional environment and the value relevance of earnings is stronger for code law and emerging market countries than for common law developed countries. Overall, my results suggest that the quality, acceptability, and enforceability of accounting standards are important for the usefulness of accounting earnings in a country. ATTENTION: The Singapore Copyright Act applies to the use of this document. Nanyang Technological University Library

Quality, acceptability, and enforceability of accounting standards and value relevance of accounting earnings : cross-country study