Bank accounting regulations, enforcement mechanisms, and financial statement informativeness: cross-country evidence
研究了37个经济体主要银行的会计监管和执行机制对财务报表信息含量的影响，发现更严格的监管和更强有力的执行能提高银行财务报表的信息含量，且执行机制与监管具有互补效应。
We construct measures of accounting regulations and enforcement mechanisms that are specific to a country's banking industry. Using a sample of major banks in 37 economies, we find that the informativeness of banks’ financial statements, measured by the value relevance of earnings and common equity, is higher in countries with stricter bank accounting regulations and countries with stronger enforcement. These findings suggest that superior bank accounting and enforcement mechanisms enhance the informativeness of banks’ financial statements. In addition, we find that the effects of bank accounting regulations are more pronounced in countries with stronger enforcement in the banking industry, suggesting that enforcement is complementary to bank accounting regulations in achieving higher value relevance of financial statements. Our study has important policy implications for bank regulators.