Mudanças na relevância da informação contábil para o mercado de capitais nos últimos 20 anos: evidências do Brasil
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2018-04-13
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Universidade Federal de Goiás
Resumo
The present paper aimed to provide evidences about the value relevance of accounting information
to capital markets through the years. As specific objectives, the research aimed to investigate what
is the trend around the value relevance, and if, on average, the adoption of IFRS made the
information more value relevant. To the former investigation a cross section regression was
adopted, and to the later, a pooled data regression. This paper adopts the classic Ohlson (1995)
modelo, that regresses price on earnings per share and book value per share, with the addition of
control variables accordingly to Balahandran and Mohanram (2011): industry and ocurrence of
loss. Concerning the trend, the evidences indicate that there was a trend of loss of relevance before
the adoption of IFRS, and a trend of increase of relevante after. The pooled data regression
provided a higher R
2 after the adoption of the IFRS and a higher inclination coefficient for
earnings and book value, which suggest that the adoption increased the value relevance of
accounting information. This evidence is in general, in the same direction as the presented
literatature. Moreover, the research observed contrary evidences to works that investigate
relevance over time: in Brazil, book value per share has a declining trend while earnings per share
has a increasing trend. These results should be observed with caution, since some national
researches indicate that the increase in relevance is sometimes also associated with the governance
practices adopted by firms.
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QUEIROZ, I. T. Mudanças na relevância da informação contábil para o mercado de capitais nos últimos 20 anos: evidências do Brasil. 2018. 52 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2018.