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Does the Tunisian Accounting Reform Improve the Value Relevance of Financial Information?

The objective of this paper is to test the impact of the accounting reform on the value relevance of financial information in the Tunisian Stock Exchange (TSE). Specifically, the study examines whether the market's valuation of earnings and book values improve investors' decisions after the implementation of the accounting reform. Using a sample of Tunisian firms traded on the Tunisian Stock Exchange during the period 1992-2001, we investigate the relation between the firms' stock prices and their book values, earnings, and cash flows before and after the accounting reform. Our results show that earnings, cash flows and book values are positively and significantly related to security prices. In addition, we find that the value relevance of these variables have significantly improved after the 1997 accounting reform, even after controlling for the effect of scale factor in our price model. Finally, we find that some factors supposed to impact on the value relevance in Tunisia such as firm size and branch of activity, have no incidence on the improvement of value relevance in Tunisia following the accounting reform.