Does Financial Statements Information Contribute to Macroeconomic Indicators

This paper aims to analyze the impact of financial statement information on macroeconomic indicators, including the labor market and domestic product data growth. We attempt to examine the effect of variables by applying Classical and Bayesian analyses. We applied quarterly GDP (Growth Domestic Product) data from the real-time data set for macroeconomists maintained by the Statistical Center of Iran (SCI). Additionally, financial statement information is collected from the Tehran Exchange Market database. The results suggest that earnings growth dispersion provides related data about final GDP growth. The results suggest that after considering the effect of other influential factors, specifically real initial GDP, earnings growth dispersion is useful in forecasting future GDP changes. However, the results indicate that there is no link between earnings growth dispersion and GDP restatements. The findings are important for economists and policymakers to have more accurate economic estimation and prediction by applying for accounting numbers.