Value relevance do valor distribuído da demonstração do valora adicionado: análise no mercado brasileiro à luz da teoria dos Stakeholders e Shareholders
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2020-03-10
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Universidade Federal de Goiás
Resumo
The objective of this study was to analyse the behaviour of the relevance of the informational
content of the distribution of the value of the AVD, according to the interest groups classified in
the light of the Stakeholders and Shareholders Theory. The methodology applied was the
qualitative and quantitative approach, from 2009 to 2018, in 169 Brazilian companies. The data
were organized in a panel, totaling 1,690 observations, and the Ohlson (1995) model of value
relevance adjusted according to the survey was used. The Vad variables were classified into
VadShare (Shareholders), VadStake (Stakeholders), StakSoc (Social), StakGov (Government) and
StakTer (Third Parties) and the research hypotheses based on economic theory. The results showed
that Vad provides a more adequate model and has a negative influence on stock prices, confirming
the economic theory. The maximization of wealth to shareholders is confirmed in the results of
regressions in all interest groups in the distribution of wealth - it was found that the VadShare
model is the most appropriate when compared with VadStake, StakSoc, StakGov and StakTer. It
was found that the period analyzed, of economic and political crisis, influenced the behavior of the
value of the distribution of wealth, the price of shares and the average negative performance. In
general, it can be inferred that other factors can impact the stock price. It is important to note that
both the discussion of the theory of Shareholders and Stakeholders and the analysis of the
empirical evidence may be the awakening of interest in analysis and discussions in academia and
greater use and utility of VAD in companies and the market.
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COUTO, Marcia Helena de Andrade. Value relevance do valor distribuído da demonstração do valora adicionado: análise no mercado brasileiro à luz da teoria dos Stakeholders e Shareholders. 2020. 72 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2020.